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Princeton has acquired several other companies. Assume that Princeton purchased Kelleher for 9,000,000 cash. The...

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Accounting

Princeton has acquired several other companies. Assume that Princeton purchased Kelleher for 9,000,000 cash. The book value of Kelleher's assets is 19,000,000 (market value of 20,000,000) and it has liabilities of 12,000,000(market value, 12,000,000)

Requirements :

1 Compute the cost of the goodwill purchased by Princeton

2 Record the purchase of Kelleher by Princeton

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