Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,060,000 in cash. The book values and fair values of Steinbeck's assets and liabilities were the following: Accounts receivable Land: Equipment Patent Accounts payable Book Value $ 1,315,000 1,215,000 6,815,000 215,000 1,715,000 Fair Value $ 1,115,000 1,515,000. 7,915,000 1,215,000 1,715,000 Required: 1. Calculate the amount paid for goodwill. 2. Record the acquisition of Steinbeck Corporation.