ces Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,060,000 in cash. The book values and fair values of Steinbeck's assets and liabilities were the following: Accounts receivable Land Book Value $ 1,315,000 1,215,000 Fair Value $ 1,115,000 Equipment Patent Accounts payable 6,815,000 215,000 1,715,000 1,515,000 7,915,000 1,215,000 1,715,000 Required: 1. Calculate the amount paid for goodwill. 2. Record the acquisition of Steinbeck Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the amount paid for goodwill. Goodwill Required 2 > Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,060,000 in cash. The book values and fair values of Steinbeck's assets and liabilities were the following: Accounts receivable Land Equipment Patent Accounts payable Book Value $1,315,000 1,215,000 6,815,000 215,000 1,715,000 Fair Value $ 1,115,000 1,515,000 7,915,000 1,215,000 1,715,000 Required: 1. Calculate the amount paid for goodwill. 2. Record the acquisition of Steinbeck Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the acquisition of Steinbeck Corporation. View transaction list Journal entry worksheet To record the acquisition of Steinbeck Corporation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the acquisition of Steinbeck Corporation. View transaction list Journal entry worksheet To record the acquisition of Steinbeck Corporation. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal