Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:ItemAmountAccounts Receivable assumed by buyer$129,000Inventory$285,000Property, Plant & Equipment (net)$505,000Notes Payable assumed by buyer$685,000Using this information, how much should be recorded as Goodwill for this transaction?
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