acquired were as follows. No Mitre Company acquired Midwest Transportation Co. for $1.387,600. The fair market values of the assets labilities were assumed. Equipment Land Building Franchise (10-year life) 102,000 312,800 197,050 653,500 Required a. Calculate the amount of goodwill acquired. will acquired b. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)