The balance sheet of Cattleman's Steakhouse shows assets of $86,800 and liabilities of $15,300. The fair value of the assets is $89,200 and the fair value of its liabilities is $15,300. Longhorn paid Cattleman's $83,420 to acquire all of its assets and liabilities. Longhorn should record goodwill on this purchase of:

$9,520

Explanation:

Calculation for to record goodwill on this purchase

Using this formula

Goodwill =Amount paid to acquire assets and liabilities-(Fair value of the assets-Fair value of its liabilities)

Let plug in the formula

Goodwill =$83,420-($89,200-$15,300)

Goodwill=$83,420-$73,900

Goodwill=$9,520

Therefore Longhorn should record goodwill on this purchase of:$9,520

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