(Answered) Problem - our corporation purchased all of the outstanding

Accounting

Problem - Our Corporation purchased all of the outstanding stock of Their Corporation, paying $700,000 cash. Our Corporation assumed all of the liabilities. Fair values of the acquired assets and liabilities were:

Fair Values:

Current assets (net) $150,000

Property, Plant & Eqmt (net) 450,000

Liabilities 450,000

What is Goodwill? Also, what is the journal entry to record the transaction? Please show your work.

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