Mitre Company acquired Midwest Transportation Company for $1,387,850. The fair market values of the assets...
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Mitre Company acquired Midwest Transportation Company for $1,387,850. The fair market values of the assets acquired were as follows. No liabilities were assumed. Equipment $ 314,900 Land 196,900 Building 643,800 Franchise (10-year life) 102,000 Required a. Calculate the amount of goodwill acquired. b. Prepare the journal entry to record the amortization of the franchise fee at the end of year 1
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