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On September 1, 2014, Winans Corporation acquired Aumont Enterprises for a cash payment of $707,520. At the time of purchase, Aumont's balance sheet showed assets of $611,070, liabilities of $201,660, and owners' equity of $409,410. The fair value of Aumont's assets is estimated to be $819,560. Compute the amount of goodwill acquired by Winans.
a. Journalize the adjusting entries required on December 31, 1995, assuming that the company enters the amounts that are received or paid in advance in real (i.e balance sheet) accounts. b. Journalize the adjusting entries required on December 31,..
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