On January 1, 2024, Northern Communications purchased Midwest Communications for $680,000 and purchased goodwill as part of the acquisition. At the time, Midwest Communications had assets with a market value of $580,000 and liabilities with a market value of $240,000. What is the journal entry for the purchase if cash was paid?

On Jamuary 1, 2024, Northern Communications purchased Michest Communications for 5660,000 and purchased goodwil as port of the acqustion. At the time, Midwest Communications had assets with a market value of $580,000 and liabilties wth a market value of $240,000, What is the journal entry for the purchase if cash wis paid? B. Cash Goodwill Liabilities Assets 680,000140,000 240,000580,000 580,000340,000240,000680,000 D. Assets Linbilities. Goodwill Cash 580,000 240,000 140,000