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Arizona Corporation acquired the business Data Systems for $330,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of

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Arizona Corporation acquired the business Data Systems for $330,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $360,000, liablinies of $21,000, and stockholders' equity of $339,000. An appraiser assessed the fair market value of the tangible assets at $320,000 and liabilities at $21,000 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. Arizono Corporation's financial condation just prior to the acquistion is shown in the financial statements model d. Record the acquisition in general fournal format. event. Enter any decreases to account balances and cash outfiows with a manus bigni) Record the acquisition in general journal format. (It no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record cash paid for acquisition of assets and liabilities. Notei inter debits tudore ciedits

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