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The balance sheet of Cottleman's Steakhouse shows assets of $85,500 and abilities of $14,000. The fair value of the assets is $90,100 and the fair

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The balance sheet of Cottleman's Steakhouse shows assets of $85,500 and abilities of $14,000. The fair value of the assets is $90,100 and the fair value of its abilities is $14,000. Longhom paid Cattleman's $83,320 to acquire all of its assets and liabilities. Longhom should record goodwill on this purchase of Multiple Choice 57,220 $11.820 52.0 55100

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