Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:


Item


Amount


Accounts Receivable assumed by buyer


$129,000


Inventory


$285,000


Property, Plant & Equipment (net)


$505,000


Notes Payable assumed by buyer


$685,000


Using this information, how much should be recorded as Goodwill for this transaction?