Goodwill is: a reportable intangible asset generated internally from long-term, loyal customers. based on management's estimate of the value of its own company above net identifiable assets. reported as an asset in the balance sheet only when it is purchased in connection with the acquisition of control over another company. All of the other answer choices are correct. Question 8 A company exchanged old equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively. Assuming that the exchange lacks commercial substance, the company would record a gain(loss) on exchange of assets in the amount of: $26,000 $8,000. ($8,000) $0. On July 1,2024 , a company acquired equipment. The company paid $160,000 in cash on July 1,2024 , and signed a $640,000 noninterest-bearing note for the remaining balance which is due on July 1,2025 . An interest rate of 5% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1 ) For what amount will the company record the purchase of equipment? \begin{tabular}{|} $761,905 \\ $69,523 \\ $609,523 \\ $800,000 \end{tabular}