Assume Caledon Company paid $14 milion to acquire Burthnght indushes. Assume further that Birtheght had the folowing sumenarized data at the firre of the Caledon acquistion (amourts in milions): (Click the icon to view the dala) Birthrights current assets had a current makket value of $12 millon, long-torm assels had a curtont market value of only $20 miton, and labelties had a market value of $29 milion Read the requitements: Requirement 1. Compute the cost of goodwit purchased by Caledon Company (Erter amounts in multions) Data table Requirements 1. Compute the cost of goodwill purchased by Caledon Company. 2. Journalize Caledon's purchase of Birthright Industries. 3. Explain how Caledon will account for goodwill