Taste- Company has been in business for 30 years and has developed a large group of loyal restaurant customers. Down Home Foods made an offer to buy Taste-T Company for $7,000,000. The market value of Taste-T's tangible assets, net of liabilities, on the date of the offer is $6,100,000. Taste-T also holds a patent for a fluting machine that the company invented the patent with a market value of $450,000 was never recorded by Taste-T because it was developed internally). Required: 1. How much has Down Home Foods Included for Intangibles in its offer of $7,000,000? 2. Assuming Taste-T accepts this offer, which company will report Goodwill on its balance sheet and at what amount? 1. Intangibles 2. Required Information (The following information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $155,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $10,000 for building renovations before it was ready for use. Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. (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 Record all expenditures for the land and buildings assuming all transactions were paid for with cash and occurred at the start of the year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal