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Mitre Company acquired Midwest Transportation Co. for $1,384,850. The fair market values of the assets...

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Accounting

Mitre Company acquired Midwest Transportation Co. for $1,384,850. The fair market values of the assets acquired were as follows. No liabilities were assumed.

Equipment $ 323,200

Land 201,650

Building 644,200

Franchise (10-year life) 94,000

Required Calculate the amount of goodwill purchased.

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