Robinson Company purchased Franklin Company at a price of $$3,780,000.$ The fair market value of the net assets purchased equals $$2,870,000.$

What is the amount of goodwill that Robinson records at the purchase date?

Does Robinson amortize goodwill at year$-$end for financial reporting purposes?

Robinson believes that its employees provide superior customer service, and through their efforts, Robinson believes it has created $$1,510,000$ of goodwill. Should Robinson Company record this goodwill?

Complete this question by entering your answers in the tabs below.