Culver Automotive is looking to expand its operations and has approached Page Garage to acquire its business. Page

has agreed to sell if Culver assumes the mortgage on Page's building as part of the sale. The fair value of Page's

identifiable assets and identifiable liabilities are:

Assuming Culver purchases the business for $$1,326,600$ :

$($a$)$

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Calculate goodwill.

Goodwill $

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$($b$)$

Record the journal entry for the purchase by Culver Automotive. $($If no entry is required, select $"$No entry"

for the account titles and enter $0$ for the amounts. Credit account titles are automatically

indented when amount is entered. Do not indent manually. List all debit entries before credit

entries.$)$

Account Titles