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Grapefruit Inc. purchased Tangelo Inc for $1,000,000. Included in the purchase were tangible net ssets with a fair value of $550,000 plus a patent valued

Grapefruit Inc. purchased Tangelo Inc for $1,000,000. Included in the purchase were tangible net ssets with a fair value of $550,000 plus a patent valued at $100,000 and a copyright valued at $75,000.
On year later, Grapefruit estimates the goodwill related to this purchase has a value of 300,000.
What, if any, journal entry should Grapefruit record? image text in transcribed
Grapefruit Inc. purchased Tangelo Inc for $1,000,000. Included in the purchase were tangible net assets with a fair value of $550,000 plus a patent valued at $100,000 and a copyright valued at $75,000. On year later, Grapefruit estimates the goodwill related to this purchase has a value of 300,000 . What, if any, journal entry should Grapefruit record? DR: CR

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