1.What is the fair market value of the total assets acquired by Prager Corp.?

2. What is the amount of goodwill from this acquisition that Prager Corp. will record on its books?

Please help with yellow missing blanks and two questions as I am very confused, thank you so much!!!!!!!

E F G B D 1 Prager Corp. is in the process of acquiring Ariana Inc. The acquisition price is set to be $680,000. 2 Below is the latest balance sheet of Ariana Inc. 3 4 5 6 Ariana Inc. Balance Sheet July 31, 20x1 7 8 Assets FMV 9 Cash 85,000 85,000 10 Accounts receivable 144,000 11 Less: allowance for doubtful accounts (6,000) 138,000 138,000 12 Inventory 69,500 13 Land 40,000 14 Building 160,000 15 Equipment 140,000 16 Less: accumulated depreciation (123,600) 216,400 17 Patent 20,000 18 19 Goodwill 20 Total assets 528,900 21 22 Liabilities and equity 23 Accounts payable 105,500 24 Long-term debt 90,000 25 26 Total liabilities 195,500 27 28 Common equity 235,000 29 Retained earnings 98,400 30 Total equity 333,400 31 Total liabilities and equity 528,900 32 33 Additional information: 34 1. The allowance for doubtful accounts should be $7,500 instead of $6,000. 35 2. The value of the inventory is estimated to be $87,000. 36 3. The fair market value of the land is estimated to be $120,000. 37 4. The fair market value of the building is estimated to be $150,000. 38 5. The fair market value of the equipment is estimated to be $$75,000. 39 6. The fair market value of the patent is estimated to be $30,000. 40 7. The fair market value of the accounts payable and long-term debt are estimated to be equal to their book value. 41 8. It is estimated that Jasper Inc. understated its pension liability by $40,000. 42 9. Prager Corp. estimates that Ariana Inc. has valuable customer list that is worth $100,000. 43 44