Book Exercise 8-20A (Algo) Computing and recording goodwill LO 8-10 Arizona Corporation acquired the business Data Systems for $305,000 cash and assumed all liabilities at the date of purchase. Data's books showed tangible assets of $310,000, liabilities of $16,000, and stockholders' equity of $294,000 An appraiser assessed the fair market value of the tangible assets at $295,000 and liabilities at $16,000 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 Print Assets Tangible rences Cash $10,000 + Assets Goodwill NA + NA Liabilities NA Stockholderst Equity $10,000 Revenue NA Expenses NA Net Income Statement of Cash Flows NA NA Required 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. Complete this question by entering your answers in the tabs below. Required A Required B Required D Compute the amount of goodwill acquired. Goodwell Required B WED WHICH TIME d. Record the acquisition in general Journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required D Record the acquisition in a financial statements model. Arizona Corporation's financial condition just prior to the acquisition is shown in a horizonta Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, and FA for financing activity. Leave blank to indicate event. Enter any decreases to account balances and cash outflows with a minus sign.) ARIZONA CORPORATION Horizontal Statements Model Balance Sheet Income Statement Event Assets Cashi Tangible Liabilities + Goodwill Stockholders Equity Revenue Expenes Net Income Statement of Cash Flows Assets 510,000+ 510,000 Acquisition bk nces Record the acquisition in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record cash paid for acquisition of assets and liabilities. Note: Enter debits before credits. Event Acquisition General Journal Debit Credit Record entry Clear entry View general journal