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help me solve this please!! Perkins has acquired several other companles. Assume that Perkins purchased Kate for $5,000,000 cash. The book value of Kate's assets

help me solve this please!!
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Perkins has acquired several other companles. Assume that Perkins purchased Kate for $5,000,000 cash. The book value of Kate's assets is $15,000,000 (market value, $20,000,000 ), and it has liabilities of $16,000,000 (market value, $16,000,000 ). Requirements 1. Compute the cost of goodwill purchased by Perkins. 2. Record the purchase of Kate by Perkins. Requirement 1. Compute the cost of goodwill purchased by Perkins. Requirement 2. Record the purchase of Kate by Perkins, Inc. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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