Problem 8-35A Accounting for intangible assets LO 8-10 Mitre Company acquired Midwest Transportation Co. for $1,400,800. The fair market values of the assets acquired were as follows. No liabilities were assumed. Equipment Land Building Franchise (10-year life) $326,400 198,350 657,500 96,000 Required a. Calculate the amount of goodwill acquired. Bowl acquired b. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A > Record entry for amortization of Franchise. Note Enter debits before credits Event General Journal Dobit Credit 1 Record entry Clear entry View general journal