The stockholders equity of Amber Corporation at December 31, 2010 consisted of the following :

Common stock $ 10 par 36,000 shares outstanding 360,000.00

Additional Paid In Capital 80,000.00

Retained Earnings 60,000.00

Company has been in a tight working capital position and at January 1, 2011 sold 14,000 previously unissued common stock to Bugs Corporation for $280,000.00. All of Acme identifiable assets and liabilities were recorded at fair value at this date except for building with remaining useful life of 4 years that was undervalued by $ 80,000 and equipment with remaining useful life of 10 years that was overvalued by $10,000

During 2011, Acme reported net income of $150,000 and paid dividends

Mar 31 of $30,000; June 30 of $30,000; Sept 30 of $ 15,000 and Dec 31 of $ 15,000 for a total of $ 90,000 for the year.

1. Record the entry to record the dividends paid every quarter

2. Record the entry by Acme corporation on the issue of the shares to Bugs on JAN 1 2011

3. Record any other entry necessary by Acme at year end Dec 31, 2011

4. What is the net assets of Acme corporation at Dec 31.2011

5. What is the net amount of goodwill to be recorded by

Acme corporation