Azimuth Company purchases a small business for $500,000. The market value of the business's assets are $850,000, and the market value of the liabilities are $400,000. Please provide the journal entry to record the acquisition of the business along with goodwill, if any.

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The Answer of Azimuth Company purchases a small business for $500,000. The market value of the business's assets are $850,000, and the market value of the liabilities are $400,000. Please provide the journal entry to record the acquisition of the business along with goodwill, if any.

Azimuth Company Purchases a Small Business for $500,000