Bowie Company made a lump sum purchase of land, building, and equipment. The following were the appraised values of each element:

PP&E Element Amount

Land $10,000

Building 35,000

Equipment 50,000

Bowie paid $70,000 cash for the lump sum purchase. What value should be allocated to the building? (Enter only whole dollar values.)

Annapolis Company was recently sold for $500,000.Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item Amount

Accounts Receivable assumed by buyer $132,000

Inventory $255,000

Property, Plant & Equipment (net) $585,000

Notes Payable assumed by buyer $655,000

How much should be recorded as Goodwill for this transaction?