Bill Yeates acquired the business Sun Supply Co. for $276,700 cash and assumed all liabilities at the date of acquisition. Sun's books showed tangible assets of $284,800, liabilities of $43,700, and equity of $241,100. An appraiser assessed the fair market value of the tangible assets at $271,400 at the date of acquisition Required a. Compute the amount of goodwill purchased. (Amounts to be deducted should be indicated with minus sign.) Acquisition Price Cash paid Liabilities assumed Total FMV of assets Goodwill b. Record the purchase in a financial statements model like the preceding one. Yeates's financial condition just prior to the acquisition is shown in the following statements model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity and NA to indicate the element is not affected by the event. (Enter any decreases to account balances and cash outflows with a minus sign.) YEATES SUPPLY CO Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Flows Event Assets LiabilitiesEquity RevenueExpense Net Income Cash Assets +Goodwill 327,004+ 327,004 Acquisition