Freitas Corporation was organized early in 2018. The following expenditures were made during the first few months of the year: Attorneys' fees in connection with the organization of the corporation State filing fees and other incorporation costs Purchase of a patent Legal and other fees for transfer of the patent Purchase of equipment Pre-opening salaries and employee training Total $ 14,100 5,400 21,900 3,700 31,800 42,100 119,000 Required: Prepare a summary journal entry to record the $119,000 in cash expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,120,000 in cash. The book value of Smith's net assets (assets minus liabilities) was $7,900,000. The fair values of all of Smith's assets and liabilities were equal to their book values with the following exceptions: Receivables Property, plant, and equipment Intangible assets Book Value $1,400,000 8,100,000 210,000 Fair Value $1,190,000 9,510,000 1,220,000 Required: Calculate the amount paid for goodwill. Goodwill