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Exercise 8-20A Computing and recording goodwill LO 8-10 Ched my Arizona Corp. acquired the business Data Systems for $320,000 cash and assumed all liabilities at
Exercise 8-20A Computing and recording goodwill LO 8-10 Ched my Arizona Corp. acquired the business Data Systems for $320,000 cash and assumed all liabilities at the date of purchase. Dato's books showed tangible assets of $340,000, liabilities of $19,000, and stockholders' equity of $321,000. An appraiser assessed the fair market value of the tangible assets at $310,000 at the date of acquisition, Arizona Corps financial condition just prior to the acquisition is shown in the following statements model: Assets Llab. Equity Exp. Net Inc. Cash Flow Cash Tang. Assets Goodwill 540,000 NA NA 540,000 NA NA + Rev. NA + NA NA Required: a. Compute the amount of goodwill acquiredi b. Record the acquisition in a financial statements model like the preceding one. 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 general Journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) NA 540,000 NA 1 Required: a. Compute the amount of goodwill acquired. b. Record the acquisition in a financial statements model like the preceding one. 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. Goodwill Required a Required B >
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