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Mitre Company acquired Midwest Transportation Company for $1,388,200. The fair market values of the assets acquired were as follows. No liabilities were assumed Equipment $
Mitre Company acquired Midwest Transportation Company for $1,388,200. The fair market values of the assets acquired were as follows. No liabilities were assumed Equipment $ 320, 300 Land 193,900 Building 657,000 Franchise (10-year life) 91,000 Required a. Calculate the amount of goodwill acquired b. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1 Complete this question by entering your answers in the tobs below. uired A Required B Calculate the amount of goodwill acquired. Goodwill acquired Journal entry worksheet
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