Quick Airlines Ltd. financial data follow: Bookvalue of assets $\quad \$ 650,000$
Market value of assets $\quad 780,000$
Bookvalue of liabilities $\quad 120,000$ Slow Airlines Ltd. has agreed to purchase Quick Airlines Ltd. for $900,000 cash on January 1 of the current year.
a)Determine the amount of goodwill, if any.
b)Prepare the journal entry to record the purchase of Quick Airlines Ltd.

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The Answer of Quick Airlines Ltd. financial data follow: Bookvalue of assets $\quad \$ 650,000$
Market value of assets $\quad 780,000$
Bookvalue of liabilities $\quad 120,000$ Slow Airlines Ltd. has agreed to purchase Quick Airlines Ltd. for $900,000 cash on January 1 of the current year.
a)Determine the amount of goodwill, if any.
b)Prepare the journal entry to record the purchase of Quick Airlines Ltd.

Quick Airlines Ltd $650,000\quad \$ 650,000$650,000 Market Value of Assets 780,000\quad 780,000780,000

Quick Airlines Ltd $\quad \$ 650,000$ Market Value of Assets $\quad 780,000$