ESSAY. Write your answer in the space provided or on a separate sheet of paper. 19) New Harvest Bakery acquired all the outstanding common stock of Red Rock Bakery for $68,000 in cash. The book values and fair values of Red Rock's assets and liabilities were as follows: Current assets Property, plant, and equipment Other assets Current liabilities Long-term liabilities Book Value Fair Value $24,000 $30,000 44,000 56,000 4.000 6.000 16,000 16,000 24,000 22,000 Record the entry for goodwill. 20) Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for $25,000. Strawberry Fields recorded depreciation using the straight-line method, a five-year service life, and an $8,000 residual value. Record the sale