Acquisition Analysis Omicron Corp. was incorporated on 1 January 2016 and acquired the business of Pi & Partners from 1 October 2015. The purchase price was $900,000, paid on 31 March 2016, including $45,000 interest. Below is the profit and loss account for the year ending 31 December 2016:

Account	Amount
Sales	700,000
Cost of goods sold	450,000
Gross profit	250,000
Wages and salaries	80,000
Rent	30,000
Distribution expenses	20,000
Interest paid to vendors	45,000
Depreciation	15,000
Miscellaneous expenses	10,000
Net profit	50,000

Required: a. Split the profit between pre- and post-incorporation periods. b. Record journal entries for the acquisition. c. Calculate the goodwill on acquisition.