4. Part A: (6 pts) On July 31, 2017, Ivanhoe Company paid $3,000,000 to acquire all of the common stock of Conchita Incorporated, which became a division of Ivanhoe. Conchita reported the following balance sheet at the time of the acquisition Cash Land Total assets $750,000 Accounts Payable 2,700,000 Notes Payable $500,000 400,000 2,550,000 $3,450,000 $3,450,000 Stockholders' Equity Total liabilities and stockholders' equity It was determined at the date of the purchase that the fair value of the Land of Conchita was $2,905,000. Write the journal entry to recognize the amount of goodwill recognized, if any, on July 31, 2017. How would your journal entry have changed if the Ivanhoe had paid $2,500,000 to acquire Conchita? a