ALT-RECORDING GOODWILL TOTAL SCORT 8710 There we problems in the Choceber between 1 and CREDIT GRADE DET 1,000,000 Data Transaction 1 1/1/17 Whale Comunid 1.000.000 shares of 51,00 par common stock 1 par 1.000.000 LIN DATE GENERAL JOURNAL 1 1/1/17 CASH 2 COMMON STOCK 3 4 1/11/17 5 (CASH 6 ACCOUNTS RECEVABLE 7 INVENTORY ILAND 9 BUILDINGS 10 NOTES PAVALE 100.000 40.000 60,000 100,000 200,000 0 1 1 1 1 1/31/17 Whale Company paid 5600,000 to score Minnow Company Ac the time of the purchase, Minnow and liabilities were as follows CASH 100.000 ACCOUNTS RECEIVABLE 40,000 INVENTORY 60,000 30 000 BUILDINGS 140,000 NOTES PAYABLE 70,000 Whale determined that the land had a fair market value of $100,000 and that the building hadir market value of $200.000 The other arquired to adjustment LAND 70.000 1 O CREDIT TRIAL SALANCE CASH ACCOUNTS RECEIVABLE INVENTORY LAND BUILDINGS GOODWILI NOTES PAYABLE COMMON STOCK TOTALS DET 1.100,000 60,000 60.000 100,000 200.000 Record and abilities at original cost or fair market valid whichever is record the payment by Whale Any difference is to be debuted to Goodwill on the books of Whale Whale mestheliability for the Note Paible 70.000 1.000.000 1,070,000 1,500,000 Remarks in the old days, the Goodwill was typically amortised the ver a period of 40 years. Today, Goodwill not more unit is impaired, in which can try made to record a low from impairment of Goodwill, with a credit to Goodwill Apod uit this is company more for a company that actually is worth in terms of future profil the extra un paid really Or, wattering company unwise in paying so much for the course