On January 1, the balance sheet of Naperville Company was as follows. Assets Accounts receivable (net of allowance) Inventory Plant and equipment (net of depreciation) Land Total assets Liabilities Current Noncurrent Equity Equity $132,000 198,000 440,000 66,000 $836,000 $83,600 176,000 $259,600 Total liabilities and equity 576,400 $836,000 On January 1, Chicago Corporation purchased all of the assets and assumed all of the liabilities listed on the above balance sheet for $638,000 cash. The assets, on date of purchase, were valued by Chicago Corporation as follows: Accounts receivable (net), $110,000; Inventory, $187,000; Plant and equipment (net), $440,000; and Land, $99,000. In addition, Chicago Corporation estimated purchased intangible assets of $4,400 for customer list, and $17,600 for trade names (both previously unrecorded). The liabilities were valued at their carrying amounts. Required a. Compute the amount of goodwill included in the purchase price paid by Chicago Corporation. b. Provide the entry that Chicago Corporation should make to record the purchase of Naperville Company. c. What is the minimum amount of goodwill that Chicago Corporation can amortize at the end of the year? Chicago Corp. is not a private company. a. Amount of goodwill in purchase price $ 0 Date Account Name b. January 11 To record the purchase. Dr. Cr. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 c. What is the minimum amount of goodwill that Chicago Corporation can amortize at the end of the year? $ 0