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28 Thompson Company paid $3,400,000 to purchase Coe Company. The book value and fair market...

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28 Thompson Company paid $3,400,000 to purchase Coe Company. The book value and fair market values of Coe's assets and liabilities are indicated below: Book Value Cash Fair Value 200,000 Land 200,000 500,000 700.000 Buildings 2,000,000 1.900.000 Accounts Payable 80,000 80,000 Long-term Notes Payable 800,000 800.000 Answer the following questions and show your work (10 points) (A) Calculate the amount of goodwill (if any) as a result of this purchase by Thompson (B) Show the journal entries on Thompson's books to record this purchase

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