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Bill Yeates acquired the business Sun Supply Co. for $275,000 cash and assumed all liabilities at the date of acquisition. Sun's books showed tangible assets of $250,000, liabilities of $10,000, and equity of $240,000. An appraiser assessed the fair market value of the tangible assets at $265,000 at the date of acquisition. Yeates's financial condition just prior to the acquisition is shown in the following statements model:
Required:
a. Compute the amount of goodwill acquired.
b. Record the acquisition in a financial statements model like the preceding one.
c. Record the acquisition in general journal format.
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