The balance sheet of cattleman's steakhouse shows assets of $87,300 and liabilities of $15,000. the fair value of the assets is $90,600, and the fair value of its liabilities is $15,000. longhorn paid cattleman's $84,320 to acquire it. longhorn should record goodwill on this purchase of: $12,020 $2,980 $10,400 $8,720

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.