Sander's Auto recently purchased Auto Express for $9.8 million.Auto Express had a market value of $9.5 million at the time of acquisition.The additional $0.3 million that Sander's Auto paid for Auto Express will be treated on Sander's Auto's balance sheet as which type of account?

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The additional $0.3 million paid over the market value is considered goodwill, which is an intangible asset that represents the value of the acquired company's reputation, customer base, and other non-tangible assets. Goodwill is recorded on the balance sheet as an asset and is subject to periodic impairment tests.

Sander's Auto Recently Purchased Auto Express for $9