The question is at the down left corner

ALT-RECORDING GOODWILL TOTAL SCORT 710 There we problems in thist Cheesember between 1 and CROT GRADU DERIT 1,000,000 Date Transaction 1 1/1/17 Whale Company 1.000.000 shares of 51.00 par common stock 1 par 1.000.000 LIN DATE GENERAL JOURNAL 1 1/1/17 CASH 2 COMMON STOCK 1 4 3/31/17 5 (CASH ACCOUNTS RECEIVABLE 7 INVENTORY ILAND 9 BUILDINGS 10 NOTES PAYANLE 11 - 100.000 60,000 50,000 100,000 200.000 0 1 1 1 1 1 1 3/31/17 Whale Company paid 5600,000 to Minnow Company Ac the time of the purchase, Minnows and bilities were as follows: CASH 100.000 ACCOUNTS RECEIVABLE 40,000 INVENTORY 60,000 LAND 30 000 BUILDINGS 140,000 NOTES PAYABLE 70.000 Whaledetermined that the Land had fair market value of $100,000 and that the Building had fair market value of $200,000 The other ausreiredo adjustment 10,000 TAL SALANCE CREDIT CASH DET 1.100,000 60,000 60,000 100,000 200.000 ACCOUNTS RECEIVABLE INVENTORY LAND BUILDINGS GOODWILL NOTES PAYABLE COMMON STOCK TOTALS 70.000 1.000.000 1,070.000 Records and abilities at original cost or fair market value whichever is record the payment by Whale Any difference is to be debited to Goodwill on the books of Whale Whale mestheliability for the Note Paible Remarks in the old days, the Goodwill was typically amortiert over a period of 40 years Today. Goodwill not martied units impaired, in which in entry is made to record low from pairment of Goodwill, with credit to Goodwill 1.500.000 Agood question is this if a company more for a company than it actually is worth in terms of future profits the extra mount paid really? Or, was the ring company unwise in paying so much for the course C E ALT-RECORDING GOODWILL TOTAL SCORE: There are 5 problems in this set. Choose a number between 1 and 5: CREDIT GRAL LINE 1 2 3 4 DATE GENERAL JOURNAL 1/1/17 CASH COMMON STOCK DEBIT 1,000,000 1,000,000 Nm 5 6 7 8 3/31/17 CASH ACCOUNTS RECEIVABLE INVENTORY LAND BUILDINGS NOTES PAYABLE 100,000 40,000 60,000 100,000 200,000 9 9 10 70,000 11 1 CREDIT TRIAL BALANCE CASH ACCOUNTS RECEIVABLE INVENTORY LAND BUILDINGS GOODWILL NOTES PAYABLE COMMON STOCK TOTALS DEBIT 1,100,000 40,000 60,000 100,000 200,000 70,000 1,000,000 1,070,000 1,500,000 OUT OF MALANCE H I K 8/10 ADE 1 Date Transaction 1/1/17 Whale Company issued 1,000,000 shares of $1.00 par common stock at par. 1 0 1 1 1 1 1 3/31/17 Whale Company paid $600,000 to acquire Minnow Company. At the time of the purchase, Minnow's assets and liabilities were as follows: CASH 100,000 ACCOUNTS RECEIVABLE 40,000 INVENTORY 60,000 LAND 80,000 BUILDINGS 140,000 NOTES PAYABLE 70,000 Whale determined that the Land had a fair market value of $100,000 and that the Building had a fair market value of $200,000 The other assets required no adjustment. 1 0 Record all assets and liabilities at original cost or fair market value, whichever is greater. Record the cash payment by Whale. Any difference is to be debited to Goodwill on the books of Whale. Whale assumes the liability for the Note Payable. Remarks: In the old days, the Goodwill was typically amortized straight-line over a period of 40 years. Today, Goodwill is not amortized unless it is "impaired", in which case, an entry is made to record a Loss from Impairment of Goodwill, with a credit to Goodwill. A good question to ask is this: if a company pays more for a company than it actually is worth (in terms of future profits), is the extra amount paid really an asset? Or, was the acquiring company unwise in paying so much for the acquiree? ALT-RECORDING GOODWILL TOTAL SCORT 710 There we problems in thist Cheesember between 1 and CROT GRADU DERIT 1,000,000 Date Transaction 1 1/1/17 Whale Company 1.000.000 shares of 51.00 par common stock 1 par 1.000.000 LIN DATE GENERAL JOURNAL 1 1/1/17 CASH 2 COMMON STOCK 1 4 3/31/17 5 (CASH ACCOUNTS RECEIVABLE 7 INVENTORY ILAND 9 BUILDINGS 10 NOTES PAYANLE 11 - 100.000 60,000 50,000 100,000 200.000 0 1 1 1 1 1 1 3/31/17 Whale Company paid 5600,000 to Minnow Company Ac the time of the purchase, Minnows and bilities were as follows: CASH 100.000 ACCOUNTS RECEIVABLE 40,000 INVENTORY 60,000 LAND 30 000 BUILDINGS 140,000 NOTES PAYABLE 70.000 Whaledetermined that the Land had fair market value of $100,000 and that the Building had fair market value of $200,000 The other ausreiredo adjustment 10,000 TAL SALANCE CREDIT CASH DET 1.100,000 60,000 60,000 100,000 200.000 ACCOUNTS RECEIVABLE INVENTORY LAND BUILDINGS GOODWILL NOTES PAYABLE COMMON STOCK TOTALS 70.000 1.000.000 1,070.000 Records and abilities at original cost or fair market value whichever is record the payment by Whale Any difference is to be debited to Goodwill on the books of Whale Whale mestheliability for the Note Paible Remarks in the old days, the Goodwill was typically amortiert over a period of 40 years Today. Goodwill not martied units impaired, in which in entry is made to record low from pairment of Goodwill, with credit to Goodwill 1.500.000 Agood question is this if a company more for a company than it actually is worth in terms of future profits the extra mount paid really? Or, was the ring company unwise in paying so much for the course