Mitre Company acquired Midwest Transportation Company for $1,399,100. The fair market values of the assets acquired were as follows. No liabilities were assumed. Equipment Land Building Franchise (10-year life) Required $ 315,900 a. Calculate the amount of goodwill acquired. 198,150 647,000 102,000 b. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1.