Arizona Corporation acquired the business Data Systems for $300,000 cash and assumed all liabilities at the date of purchase. Datas books showed tangible assets of $300,000, liabilities of $15,000, and stockholders equity of $285,000. An appraiser assessed the fair market value of the tangible assets at $290,000 and liabilities at $15,000 at the date of acquisition. Arizona Corporations 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

500,000 + NA + NA = NA + 500,000 NA NA = NA NA

Required

Compute the amount of goodwill acquired.

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

Record the acquisition in general journal format.

Arizona Corporation acquired the business Data Systems for $300,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $300,000, liabilities of $15,000, and stockholders' equity of $285,000. An appraiser assessed the fair market value of the tangible assets at $290,000 and liabilities at $15,000 at the date of acquisition. Arizona Corporation's financia! condition just prior to the acquisition is shown in the following statements model. a. Compute the amount of goodwill acquired. b. 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. d. Record the acquisition in general journal format. Complete this question by entering your answers in the tabs below. Compute the amount of goodwill acquired. Journal entry worksheet Record cash paid for acquisition of assets and liabilities. Note: Enter debits before credits