Perkins has acquired several other companies. Assume that Perkins purchased Kate for $5,000,000 cash. The book value of Kate's assets is $15,000,000 (market value, $20,000,000), and it has liabilities of $16,000,000 (market value, $16,000,000). Requirements 1. Compute the cost of goodwill purchased by Perkins. 2. Record the purchase of Kate by Perkins. Requirement 1. Compute the cost of goodwill purchased by Perkins. Purchase price to acquire Kate Market value of Kate's assets Less: Market value of Kate's liabilities Less: Market value of Kate's net assets Goodwill CELEB

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