Presented below are the balance sheets of Allen Corporation and Benson Corporation, immediately prior to a business combination. The fair values of Bensons reported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $200,000.

Question: What is the calculations to get GOODWILL (350,000)?

Allen Corp. Benson Corp. Cash $1,000,000 $ 50,000 Other current assets 600,000 150,000 Property, plant and equipment 1,200,000 400,000 Total assets $2,800,000 $600,000 Current liabilities $300,000 $100,000 Long-term liabilities 600,000 250,000 Common stock 200,000 100,000 Additional paid-in capital 900,000 50,000 Retained earnings 800,000 100,000 Total liabilities and equity $2,800,000 $600,000 Soy Required Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination: (1) Allen acquires Benson for $800,000 cash in a transaction recorded as a merger. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer. Description Debit Credit Cash 50,000 07 Other current assets 150,000 07 Property, plant and equipment 400,000 Identifiable intangibles 200,000 0 Goodwill . 350,000 0 Current liabilities 100,000 Long-term liabilities 0 250,000 Cash 800,000 0