Arizona Corporation 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 Corporation's financial condition just prior to the

acquisition is shown in the following statements model.

Required

a$.$ Compute the amount of goodwill acquired.

b$.$ Record the acquisition in a financial statements model like the preceding one.

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Record the acquisition in a financial statements model.

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