Accounting for intangible assets
Mia-Tora Company purchased a fast-food restaurant for $1,400,000. The fair market values of the assets purchased were as follows. No liabilities were assumed.
Equipment | $320,000 |
Land | 200,000 |
Building | 650,000 |
Franchise (5-year life) | 100,000 |
Required
Calculate the amount of goodwill purchased.
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