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Pier 5 has been in business 8 years with 4 stores in the San Francisco bay area. Their local reputation for making savory pies such as curried potatoes is well recognized. A national food distributor has offered to purchase the company. Pier 5 has $1.2 million of assets on their books but those assets have a fair market value of $1.5 million and $.3 million of liabilities. If the distributor offers to buy Pier 5 for $3.5 million and assume the liabilities of Pier 5, how much will be recorded as goodwill based on the offered purchase price?

Pier 5 has been in business 8 years with 4 stores in the San Francisco bay area. Their local reputation for making savory pies such as curried potatoes is well recognized. A national food distributor has offered to purchase the company. Pier 5 has $1.2 million of assets on their books but those assets have a fair market value of $1.5 million and $.3 million of liabilities. If the distributor offers to buy Pier 5 for $3.5 million and assume the liabilities of Pier 5, how much will be recorded as goodwill based on the offered purchase price?

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