Calculate the amount of goodwill acquired, Accounting Basics

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Calculate the amount of goodwill acquired

Problem:

Café Ole' Companuy acquired a fast-food restaurant for $1,500,000. The fair market values of the assets acquired were as follows. No liabilities were assumed.

Equipment $380,000
Land $200,000
Building $680,000
Franchise (5-year life $120,000

Required

Question 1: Calculate the amount of goodwill acquired

Question 2: Prepare the journal entry to record the amortization of the franchise fee at the end of year 1.

Note: Explain all calculation and formulas.

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Accounting Basics: Calculate the amount of goodwill acquired

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Accounting Basics: Calculate the amount of goodwill acquired

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