Arizona Corp. acquired the business Data Systems for $$320,000$ cash and assumed all liabilities at the date of purchase. Data$$s books showed tangible assets of $$260,000,$ liabilities of $$40,000,$ and stockholders$$ equity of $$220,000.$ An appraiser assessed the fair market value of the tangible assets at $$250,000$ at the date of acquisition. Arizona Corp.$$s financial condition just prior to the acquisition is shown in Required B$.$

Required

Compute the amount of goodwill acquired.

Record the acquisition in a financial statements model.