Assume Hughes Company paid $23 million to acquire Bondon Industries. Assume further that Bondon had the following summarized data at the time of the Hughes acquisition (amounts in millions): (Click the icon to view the data.) Bondon's current assets had a current market value of $10 million, long-term assets had a current market value of only $18 million, and liabilities had market value of $26 million. Read the requirements. C. Requirement 1. Compute the cost of goodwill purchased by Hughes Company. (Enter amounts in millions.) Cost of goodwill purchased: Millions Data Table Less: Bondon Industries Assets Liabilities and Equity Cost of goodwill Current assets $ $ 26 10 Total liabilities 24 Stockholders' equity 34 8 Long-term assets $ $ 34 Requirements 1. Compute the cost of goodwill purchased by Hughes Company. 2. Journalize Hughes's purchase of Bondon Industries. 3. Explain how Hughes will account for goodwill. Print Done