On March 31, 2021, Wolfson Corporation acquired all of the outstanding common stock of Barney Corporation for $17,200,000 in cash. The book values and fair values of Barney’s assets and liabilities were as follows:

Book Value Fair Value
Current assets $6,200,000 $7,700,000
Property, plant, and equipment 11,200,000 14,200,000
Other assets 1,020,000 1,520,000
Current liabilities 4,200,000 4,200,000
Long-term liabilities 6,200,000 5,700,000

Calculate the amount paid for goodwill.

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.