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(Click the icon to view the data.) Barnes's current assets had a current market value...

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Accounting

image (Click the icon to view the data.) Barnes's current assets had a current market value of $8 million, long-term assets had a current market value of only $20 million, and liabilities had a market value of $24 million. Read the requirements. Requirement 1. Compute the cost of goodwill purchased by Caledon Company. (Enter amounts in millions.) Requirement 2. Journalize Caledon's purchase of Barnes Industries. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions Data table Inirngl Entms Requirement 3. Explain how Caledon will account for goodwill. Each year, Caledon will determine whether the goodwill that Caledon purchased has been impaired in value. If the goodwill's value has not been impaired, If the goodwill's value has

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