1.

On September 1, 2021, Blossom Corporation acquired Crane Enterprises for a cash payment of $656,000. At the time of purchases, Crane's balance sheet showed assets of $488,000, liabilities of $192,000, and owner's equity of $336,000. The fair value of Crane's assets is estimated to be $776,000. Compute the amount of goodwill acquired by Blossom. Amount of good will:

2.Bramble Corporation owns a patent that has a carrying amount of $810,000. Bramble expects future net cash flows from this patent to total $490,000. The fair value of the patent is $372,000. Prepare Brambles journal entry to record the loss on impairment.