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On January 1, 2019. Paul Company purchased Marino by acquiring all its outstanding shares for...

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Accounting

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On January 1, 2019. Paul Company purchased Marino by acquiring all its outstanding shares for $300,000 cash. On that date, the fair value of the inventory was $20,000, and the tair value of the equipment was $250,000. In addaion, the fair value of a previously unrecorded customer list was $25.000. For all other amounts, tho book value of Jarnary 1, 2019, equaled fair value. Required: 1. Compute the gooctwill associated with the purchase of Marino. 2. Prepare the joumal entry necessary on January 1, 2019, to record the acquision of Marino 1. Compute the goodwill associated with the purchase of Marino. General Joumal Instructions GFNFRAI INIIRNAI

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