Cash purchase with goodwill. Tweeden Corporation is contemplating the acquisition of the net assets of Sylvester Corporation in anticipation of expanding its operations. The balance sheet of Sylvester...

Cash purchase with goodwill. Tweeden Corporation is contemplating the acquisition of the net assets of Sylvester Corporation in anticipation of expanding its operations. The balance sheet of Sylvester Corporation on December 31, 2015, is as follows:

An appraiser for Tweeden determined the fair values of Sylvester’s assets and liabilities to be as shown on next page.

The agreed-upon purchase price is $580,000 in cash. Acquisition costs paid in cash total $20,000.

Using the above information, do value analysis and prepare the entry on the books of Tweeden Corporation to acquire the net assets of Sylvester Corporation on December 31, 2015.