Arizona Corp. acquired the business Data Systems for $370,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $440,000, liabilities of $29,000, and stockholders' equity of $411,000. An appraiser assessed the fair market value of the tangible assets at $360,000 at the date of acquisition. Arizona Corp.'s financial condition just prior to the acquisition is shown in Required B. Required a. Compute the amount of goodwill acquired. b. Record the acquisition in a financial statements model. Required A Required B Compute the amount of goodwill acquired. Acquisition Price Cash paid Liabilities assumed Total FMV of assets Goodwill Required A Required B Record the acquisition in a financial statements model. (In the Cash Flow column, use OA to designate operating activity, IA for i the element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a ARIZONA CORP. Horizontal Statements Model Balance Sheet Income Statement Event Assets Statement of Cash Flows = Liabilities + Equity Revenue Net Income Expense = Cash + Assets + Goodwill 640,000 + + + 640,000 Acquisition + + +