Cafe Ole' Company acquired a fast-food restaurant for $1,500,000. The fair market values of the assets acquired were as follows. No liabilities were assumed. Equipment: $380,000 Land $200,000 Building $680,000 Franchise (5-year life) $120,000 a. calculate the amount of goodwill acquired b. Prepare the journal entry to record the amoritization of the franchise fee at the end of year 1.