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You are considering the purchase of Sports Experts. The following information is available at December 31, 2022: Land is undervalued by $40,000 and equipment is

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You are considering the purchase of Sports Experts. The following information is available at December 31, 2022: Land is undervalued by $40,000 and equipment is overvalued by $9,000. Sports Experts agrees to sell the company for $405,000. Required: 1. Calculate any goodwill. 2. Prepare the journal entry to record the purchase of the company's net assets on your company's books

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