I would like to know how to calculate the goodwill.

Question 2 On January 1, 2020, AMI Corporation purchased the non-cash net assets of Concord Ltd. for $8,692,700. Following is the statement of financial position of Concord Ltd. from the company's year-end the previous day: Concord Ltd. Statement of Financial Position As at December 31, 2019 Cash $690,000 Accounts receivable 559,000 Inventory 2,590,000 Property, plant, and equipment (net) 2,160,000 Land 2,620,000 $8,619,000 Accounts payable $379,000 Common shares 2,610,000 Retained earnings 5,630,000 $8,619,000 As part of the negotiations, AMI and Concord agreed on the following fair values for the items on Concord's statement of financial position: Accounts receivable Inventory Property, plant, and equipment $557,500 2,380,000 1,955,000 4,070,000 368,800 Land Accounts payable (a) Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Concord Ltd, assuming AMI paid cash for the net assets. (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.) Account Titles and Explanation Debit Credit Accounts Receivable 557500 Inventory 2380000 Property, plant and Equipment 1955000 Land 4070000 Goodwill Accounts Payable 368800 Cash