Business Course Return to course # My Subscriptions eBook Question 3 Not complete Marked out of 2200 P Flag question Recording Goodwill upon Acquisition On January 1, 2020, the balance sheet of Napervile Company (a sole proprietorship) was as follows. Assets Liabilities Accounts receivable inet of allowance) $120.000 Current $76,000 Inventory 180,000 Noncurrent 160,000 $236.000 Plant and equipment niet of depreciation 400,000 Equity Land 60,000 Owners' equity 524,000 Total 5760,000 Total liabilities and owners' equity 5760,000 On January 1, 2020, Chicago Corporation purchased all of the assets and assumed all of the liabilities listed on the above balance sheet for $580,000 cash. The assets, on date of purchase, wer valued by Chicago Corporation as follows: accounts receivable (net). $100,000; inventory, $170,000 plant and equipment (net), 5400,000; and land, $90,000. In addition, Chicago Corporation estimated purchased intangible assets of $4,000 for customer list and $16,000 for trade names (both previously unrecorded). The liabilities were valued at their carrying amounts Required a. Compute the amount of goodwill included in the purchase price paid by Chicago Corporation, $ b. Provide the entry that Chicago Corporation should make to record the purchase of Napervile Company Account Name Dr. Accounts Receivable net) Inventory Plant and Equipment ne Land MacBook Air So 2. 9 5 6 SOP DUO Future Net BusinessCourse Return to course valued by Chicago Corporation as follows: accounts receivable (net), $100,000; inventory, $170,000; plant and equip estimated purchased intangible assets of $4,000 for customer list and $16,000 for trade names (both previously un Required a. Compute the amount of goodwill included in the purchase price paid by Chicago Corporation. b. Provide the entry that Chicago Corporation should make to record the purchase of Naperville Company. Dr. Cr. Account Name Accounts Receivable (net) Inventory Plant and Equipment net) Land Intangible Asset-Customer List Intangible Asset-Trade names Goodwill Current Liabilities Noncurrent abilities Cash c. What is the minimum amount of goodwill that Chicago Corporation can amortize at the end of 20207 $ Check Previous Save Answers MacBook Air esc 80 1 2 $ 4 & 3 5 6 7 8 Q W E R T Y U