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Purple Corp. purchased all of the listed assets and liabilities of Sudden

Please answer both questions!

Question 2: Prepare the journal entry for "Record the a quisition entry"

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Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $2,040,000. The following assets and liabilities were purchased: Accounts receivables Inventory Property, plant, and equipment (net) Patent Liabilities Book Value $163,000 186,000 1,170,000 0 (227,000) Required: 1. What is the appropriate amount that would be recorded for goodwill? Goodwill purchased Fair Market Value $ 163,000 287,000 1,441,000 317,000 (227,000) 2. Prepare the journal entry for the acquisition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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