Problem 1-6 (L03. Cash purchase with goodwill. Tweeden Corporation is contem- plating the acquisition of the net assets of Sylvester Corporation in anticipation of expanding its operations. The balance sheet of Sylvester Corporation on December 31, 2015, is as follows: Sylvester Corporation Balance Sheet December 31, 2015 Current liabilities: Accounts payable Payroll and benefit related liabilities $ 45,000 12,500 Current assets: Notes receivable ............... Accounts receivable ... Inventory ... Other current assets..... Total current assets.......... Investments Fixed assets: $ 24,000 56,000 31,000 18,000 10,000 Debt maturing in one year ........ Total current liabilities ......... $ 67,500 $129,000 65,000 land. $ 32,000 245,000 387,000 Other liabilities: Long term debt Payroll and benefit-related liabilities $248,000 156,000 664,000 404,000 Building ........... Equipment .................... Total fixed assets ..... .... Intangibles: Goodwill....... Patents .......... Trade names .................. Total intangibles .......... Total assets ................. $ 45,000 23,000 10,000 Total other liabilities. Stockholders' equity: Common stock. ... Paid in capital in excess of por.... Retained earnings .............. Total equity ........... Total liabilities and equity. $100,000 250,000 114,500 78,000 $936,000 464,500 $936,000 An appraiser for Tweeden determined the fair values of Sylvester's assets and liabilities to be as shown on next page. Per COMBINED CORPORATE ENTITIES AND CONSOLAT Liabilities $ 45,000 Accounts payable ...... Payroll and benefit related liabilities current. .... 12,500 Debt maturing in one year. ... 10,000 Notes receivable....... Accounts receivable ... Inventory.... Other current assets. Investments .... Land........... Building... Equipment.... Goodwill........ Patents ...... . Trade names ...... $ 24,000 56.000 30,000 15,000 63,000 55,000 275,000 426,000 Long-term debt...... Payroll and benefit-related liabilities-long-term... 248,000 156,000 20,000 15,000 The agreed-upon purchase price is $580,000 in cash. Acquisition costs paid in cash total $20,000. Using the above information, do value analysis and prepare the entry on the books of Twee- den Corporation to acquire the net assets of Sylvester Corporation on December 31, 2015. Required