On January 2, 2016, Alpha Company purchased a patent

On January 2, 2016, Alpha Company purchased a patent for
$38,500 plus $2,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Alpha Company expects to use the patent for six years. Use this information to prepare the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write “No Entry Required.”
-Alpha Company was recently sold for $1,250,000. Alpha assets & liabilities consisted of the following:Item Amount
Cash $75,000
Inventory $275,000
Property, Plant & Equipment (net) $750,000
Accounts Payable $350,000

Using this information, how much should be recorded as Goodwill for this transaction?

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