Problem 8-35A (Algo) Accounting for intangible assets LO 8-10, 8-11 Mitre Company acquired Midwest Transportation Company for $1,391,850. The fair market values of the assets acquired were as follows. No liabilities were assumed. Required a. Calculate the amount of goodwill acquired. b. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1. Complete this question by entering your answers in the tabs below. 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.) Show less Journal entry worksheet Record entry for amortization of Franchise. Note: Enter debits before credits