GOODWILL. Brampton Corporation purchased the assets of London Products for $820,000 cash. The fair values of the assets acquired from London Products are as follows:

Lande pocAech sis «s $150,000 Buudinernd ta sacs’ fs: 340,000 Hquipment,.24.5.5 +6. 278,000 Sip puesuer. tery, fact: 27,000 REQUIRED:

1. Prepare the journal entry by Brampton to record this acquisition of assets.

2. Brampton assumes that the goodwill has an expected life of 20 years. Prepare the entry to record one full year’s amortization of goodwill.