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 Total abilities and equity $132.000 195,000 440.000 64.000 $636,000 $83,600 176.000 $259,600 576.400 $836,000 On January 1, Chicago Corporation purchased all of the assets and assumed all of the abilities 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 labilities 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 a. Amount of goodwill in purchase price $ Date b. January Account Name Accounts Receivable (net) Inventory Plant and Equipment (net) Land Intangible Asset-Customer List Intangible Asset-Tradenames Goodwill Current Liabilities Noncurrent Liabilities Cash To record the purchase. Dr. Cr. c. What is the minimum amount of goodwill that Chicago Corporation can amortize at the end of the year? s