Half of this is correct: goodwill is a balancing item to account for the difference between accounting value and acquisition price. The other half is incorrect

Half of this is correct: goodwill is a balancing item to account for the difference between accounting value and acquisition price. The other half is incorrect, though: accounting value isn't based on 'projections'. Projections might affect the fair market value of the target (without accounting for post-acquisition synergies). But the accounting value is based solely on historical financial results.