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problem1: On June 30, 2007 Hi-tech Company purchased for cash at $50 per share all 150,000 shares of outstanding common stock of Ski Craft firm. Ski craft balance sheet at June 30, 2007 showed net assets with a book value of $6,000,000. The fair value of ski craft property, plant & machine on June 30, 2007 was $800.000 in excess of its book value. Find what amount if any will Hi-Tech record as goodwill on date of buy?

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