Problem 8-34A Mitre Company acquired Midwest Transportation Co. for $1,400,000. The fairy value the assets acquired were as follows. Not liabilities where assumedl Equipment $510,000 Land 150,000 Building 520,000 Franchise (10-year-fife) 40,000 Required a. Calculate the amount of goodwill acquired. b. Prepare the journal entry to record the amortization of the franchise fee ath the end of year.