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Donahus pais $0,300.000 for ol reserves holding an evimated 600,000 bartels of ol \begin{tabular}{|c|c|c|c|} \hline...

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Donahus pais $0,300.000 for ol reserves holding an evimated 600,000 bartels of ol \begin{tabular}{|c|c|c|c|} \hline Date & Moceunts and Explanation & Debit & Credit \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hlineE= & & & \\ \hline \end{tabular} Assume the company paid \$600,000 for asdtisnal geological tests of the propety and 3420,000 to prepete for driling \begin{tabular}{l|l|l|l|l|} Date & Accounts and Explanation & Oeta & & Credit \\ \hline \end{tabular} During the frat year, Donahue removed and sold 75,000 bevreis of of: \begin{tabular}{l|l|l|l|} \hline Date & Mceeants and Explanation & Detil \\ \hline \end{tabular} Princeton has acquired several other companies. Assume that Princeton purchased Kettle for $5,000,000 cash. The book value of Kettie's assets is $14,000,000 (market value, $16,000,000 ), and it has liabilities of $12,000,000 (market value, $12,000,000 ). Requirements 1. Compute the cost of goodwill purchased by Princeton 2. Record the purchase of Kettle by Princeton. Requirement 1. Compute the cost of goodwil purchased by Princeton

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