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(a) Qwerty Company decided to expand further by purchasing ASDF Company. The statement of financial position of ASDF Company as of December 31, 2019 was as follows: ASDF Manufacturing Company Statement of Financial Position December 31, 2019 Assets Plant Asset (net) Inventory Receivables Cash Total Assets $2,050,000 550,000 1,100,000 420,000 $4,120,000 Equity & Liabilities Share capital ordinary Retained Earnings Accounts Payable $1,600,000 1,770,000 750,000 Total Equity & Liabilities $4,120,000 An appraisal agreed to by the parties, indicated that fair value of the inventory was $700,000 and fair value of the plant asset was $2,250,000. The fair value of the receivables were equal to the amount reported in the statement of financial position. The agreed purchase price was $4,190,000 and this amount was paid to the previous owners of ASDF Company. Instructions: Determine the amount of good will (if any) implied in the purchase price of $4190,000. Show all calculations. Question. (b) Hampton Corporation obtained a trade name in January 2017, incurring legal costs of $40,000. The company amortizes the trade name over 8 years. Hampton successfully defended the trade name in January 2018, incurring $9,800 in legal fees. At the beginning of 2019, based on new marketing research John determines that recoverable amount of trade name is $33,000. Instructions: Prepare necessary entries for the years ended December 31, 2017, 2018, and 2019, Show all computations