Acquisition Agreement Beta Corp. was incorporated on 1 January 2005 and acquired the business of Gamma Ltd from 1 April 2004. The purchase price was $600,000, paid on 31 December 2004, including $30,000 interest. Below is the profit and loss account for the year ending 31 December 2005:

Account	Amount
Sales	700,000
Cost of goods sold	400,000
Gross profit	300,000
Wages and salaries	90,000
Rent	20,000
Distribution expenses	15,000
Interest paid to vendors	30,000
Depreciation	10,000
Miscellaneous expenses	10,000
Net profit	70,000

Required: a. Allocate profits between pre- and post-incorporation periods. b. Record the journal entries for the acquisition. c. Determine the value of goodwill.