7. On September 1, 2018, PPP Corporation acquired SSS Enterprises for a cash payment of $820,000. At the time of purchases, SSS's balance sheet showed assets of $610,000, liabilities of $240,000, and owner's equity of $420,000. The fair value of the acquired assets is estimated to be $970,000 and the fair value of the assumed liabilities is estimated to be $240,00. Compute the amount of goodwill acquired by the PPP Corporation. In order to earn partial credit show your computation in detail. In the attached T-account format, prepare the entry made by the PPP Corporation to account for the acquisition.