he Library links Student Help Faculty Help Contact Help . Office 365 405-A es / 20F ACCT405-WA1 / Exams / Exam 1 On 1/1/2020, Crescent Classic Company acquired 20% of the outstanding common stock of City Company for $300,000. Any excess of this purchase is classified as goodwill. gave Crescent City Company the ability to significantly influence City Company. Net loss for City Company for 2020 is ($300,000) and they issued dividends of $75,000, Reco purchase and all JEs for 2020. For dividends, record both entries. Also, indicate the goodwill in the template below. The following facts below are for City Company as of 1/1/2020; Fair Value Carrying Amount Cash and AR $420,000 $420,000 Land $350,000 $350,000 Building (5 yr, useful life) remaining) $450,000 $400,000 Copyright (10 yr useful life) remaining) $406 000 $330,000 Liabilities (5900,000) ($900,000) 1 A- B I HV What is goodwill? Description Account Debit Credit be here to search O Fi ma