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Tempo Co acquired 100% of the equity shares capital of Lento Co. This consisted of 40,000 shares of $0.50 each. It paid for the acquisition by issuing 60,000 new shares of $1 each in Tempo Co, and exchanging three new shares in Tempo Co for every 2 shares in Lento Co. The market value of Tempo Co shares at the time of the acquisition was $3.50 per share. The fair value of the net assets acquired in Lento Co was $50,000. What was the goodwill arising on the acquisition of the shares in Lento Co by Tempo Co? A. $160,000 B. $40,000 C. $140,000 D. $10,000 |