PA10. DO 11.4 Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth $4,500,000 A. What is the amount of goodwill in this transaction? B. What is Buchanan's journal entry to record the purchase of McLaren? C What journal entry should Buchanan write when the company internally generates additional goodwill in the year following the purchase of McLaren? PA1. LO 13.3 on January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)