Arizona Corporation acquired the business Data Systems for $$280,000$ cash and assumed all liabilities at the date of purchase. Data$$s books showed tangible assets of $$260,000,$ liabilities of $$11,000,$ and stockholders$$ equity of $$249,000.$ An appraiser assessed the fair market value of the tangible assets at $$270,000$ and liabilities at $$11,000$ at the date of acquisition. Arizona Corporation$$s financial condition just prior to the acquisition is shown in the following statements model.

Balance Sheet Income Statement

Assets $=$ Liabilities $+$ Stockholders$$ Equity Revenue $$ Expenses $=$ Net Income Statement of Cash Flows

Cash $+$ Tangible Assets $+$ Goodwill

$460,000+$ NA $+$ NA $=$ NA $+460,000$ NA $$ NA $=$ NA NA

Required

Compute the amount of goodwill acquired.

Record the acquisition in a financial statements model. Arizona Corporation$$s financial condition just prior to the acquisition is shown in the financial statements model.

Record the acquisition in general journal format.