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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 assumed.

equipment $380,00

land 200,00

building 680,00

franchise(5-year life) 120,00

a. calculate the amount of goodwill acquired.

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

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