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Blue Bat Corporation purchases one of its main competitors on March 31. Blue Bat paid $160,000 for this purchase which included assets of $120,000 and

Blue Bat Corporation purchases one of its main competitors on March 31. Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000. The goodwill is believed to have an indefinite benefit. Prepare journal entries for this transaction.

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