Cafe ole company acquired a fast-food restaurant for 150000

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Reference no: EM13577757

Cafe Ole' Company acquired a fast-food restaurant for $1,500,00. The fair market values of the assets acquired were as follows. No liabilities were assumeb.

Equipment $380,000

Land 200,00

Building 680,000

Franchise (5-year life) 120,000

a. Calculate the amount of goodwill acquired.

b. Prepared the journal entry to record the amortization of the franchise fee at the end of year 1.

Reference no: EM13577757

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