Arizona Corporation acquired the business Data Systems for $ cash and assumed all liabilities at the date of purchase. Datas books showed tangible assets of $ liabilities of $ and stockholders equity of $ An appraiser assessed the fair market value of the tangible assets at $ and liabilities at $ at the date of acquisition. Arizona Corporations financial condition just prior to the acquisition is shown in the following statements model.
Balance Sheet Income Statement
Assets Liabilities Stockholders Equity Revenue Expenses Net Income Statement of Cash Flows
Cash Tangible Assets Goodwill
NA NA NA NA NA NA NA
Required
Compute the amount of goodwill acquired.
Record the acquisition in a financial statements model. Arizona Corporations financial condition just prior to the acquisition is shown in the financial statements model.
Record the acquisition in general journal format.
