Arizona Corporation acquired the business Data Systems for $360,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $420,000. liabilities of $27,000, and stockholders' equity of $393,000. An appraiser assessed the fair market value of the tangible assets at $350,000 and liabilities at $27000 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 Cash 620.000 Required Asset Tangible Anet NA Goodwill NA Liabilities NA stockholders Equity 620,000 Revenue NA Expenses - Net Income NA RA Statut of Cash Flow NA 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 Compute the amount of goodwill acquired. Goodwill ARIZONA CORPORATION Horizontal Statements Model Balance Sheet Income Statement Event Assets Tangible Assets Liabilities Cash Stockholders Equity Goodwill Revenue Expenses Statement of Cash Flows Net Income 620.000 620.000 Acquisition Journal entry worksheet > Record cash paid for acquisition of assets and liabilities. Note: Enter debits before credits Event General Journal Acquisition Debit Credit Record entry Clear entry View general Journal