Mitre Company acquired Midwest Transportation Co. for $1,403,250. The fair market values of the assets acquired were as follows. No liabilities were assumed. Equipment Land Building Franchise (10-year life) $322,700 191,400 643,000 108,000 Required a. Calculate the amount of goodwill acquired, Goodwill acquired C b. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet