Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $$11,320,000$ in cash. The book values Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation.

Complete this question by entering your answers in the tabs below.

Record the acquisition of Steinbeck Corporation.

Journal entry worksheet

$1$

To record the acquisition of Steinbeck Corporation.

Note: Enter debits before credits. The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther

from residential areas. Tinsley carried the land at its original cost of $$81,250.$ According to an independent appraisal, the land currently

is worth $$195,000.$ Tinsley paid $$28,000$ in cash to complete the transaction.

What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?

Prepare the journal entry to record the exchange assuming the exchange has commercial substance.

Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

Prepare the journal entry to record the exchange except that Tinsley received $$39,000$ in the exchange, and the exchange lacks

commercial substance.

Complete this question by entering your answers in the tabs below.

What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther

from residential areas. Tinsley carried the land at its original cost of $$81,250.$ According to an independent appraisal, the land currently

is worth $$195,000.$ Tinsley paid $$28,000$ in cash to complete the transaction.

Required:

What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?

Prepare the journal entry to record the exchange assuming the exchange has commercial substance.

Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

Prepare the journal entry to record the exchange except that Tinsley received $$39,000$ in the exchange, and the exchange lacks

commercial substance.

Complete this question by entering your answers in the tabs below.

Prepare the journal entry to record the exchange assuming the exchange has commercial substance.

Prepare the journal entry to record the exchange assuming the exchange lacks commercial substance.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the exchange of land assuming the exchange has commercial

substance.

Note: Enter debits before credits.Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$ and $3$

Prepare the journal entry to record the exchange except that Tinsley received $$39,000$ in the exchange, and the exchange lacks

commercial substance.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round

intermediate calculations.

Journal entry worksheet

$1$

Record the exchange except that Tinsley received $$39,000$ in the exchange,

and the exchange lacks commercial substance.

Note: Enter debits before credits.

and fair values of Steinbeck's assets and liabilities were the following:

Required:

Calculate the amount paid for goodwill.

Record the acquisition of Steinbeck Corporation.

Complete this question by entering your answers in the tabs below.

Required $1$

Calculate the amount paid for goodwill.