Exercise 8-20A (Algo) Computing and recording goodwill LO 8-10 Arizona Corporation acquired the business Data Systems for $355,000 cash and assumed all liabilities at the date of purchase. Datas books showed tangible assets of $410,000, liabilities of $26,000, and stockholders equity of $384,000. An appraiser assessed the fair market value of the tangible assets at $345,000 and liabilities at $26,000 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 610,000 + NA + NA = NA + 610,000 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.