Mia-Tora Company purchased a fast-food restaurant for $1,400,000. The fair market values of the assets purchased were as follows. No liabilities were assumed. Equipment $320,000 Land $200,000 Building $650,000 Franchise (5-year life) $100,000 A. Calculate the amount of goodwill purchased. B. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1