On May 31, AA Company paid $3,300,000 to acquire all of the common stock of H Corporation. H BALANCE SHEET HOW TO SOL Current 1 Goodwill is the assets $900 000 Current liabilities $600 000 Noncurrent assets GAAP says com 2 700 000 Long-term liabilities 500 000 Stockholders' equity Total Liabilities & 2 500 000 2 To record the jo Remember the ST Total assets $3 600 000 stockholders' equity $3 600 000 It was determined at the date of the purchase that the fair value of the identifiable Net Assets of H. Company was $2,800,000. INSTRUCTIONS (1) Compute the amount of goodwill recognized, if any, on May 31. Assume any increases in value are allocated to non current assets. RECORD THE JOURNAL ENTRY FOR THE ACQUISITON BELOW: (2) Prepare Journal entry for acquistion of H company by AA. DESCRIPTION DEBITS CREDITS