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The notes to a recent annual report from Suzie$$s Shoe Corporation indicated that the company acquired another company, Steve$$s Shoes, Incorporated.

Assume that Suzie$$s acquired Steve$$s Shoes on January $5$ of the current year. Suzie$$s acquired the name of the company and all of its assets for $$750,000$ cash. Suzie$$s did not assume the liabilities. The transaction was closed on January $5$ of the current year, at which time the balance sheet of Steve$$s Shoes reflected the following book values. An independent appraiser estimated the following market values for the assets.

Steve$$s Shoes, Incorporated

January $5$ of the Current Year Book Value Market Value

Accounts receivable $($net$)$ $$50,000$ $$50,000$

Inventory $385,000350,000$

Fixed assets $($net$)156,000208,000$

Other assets $4,00010,000$

Total assets $$595,000$

Liabilities $$75,000$

Stockholders$$ equity $520,000$

Total liabilities and stockholders$$ equity $$595,000$

$2.$ Compute the adjustments that Suzie$$s Shoes Corporation would make at the end of the current year $($ending December $31)$ for the following items acquired from Steve's Shoes: $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Depreciation of the fixed assets $($straight line$),$ assuming an estimated remaining useful life of $10$ years and no residual value.

Goodwill $($an intangible asset with an indefinite life$).$