Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,080,000 in cash. The book values and fair values of Steinbeck's assets and liabilities were the following:

Janzen Corporation acquired all of the outstanding common stock of Steinbeck Corporation for $11,080,000 in cash. The book values and fair values of Steinbeck's assets and liabilities were the following: Accounts receivable Land Equipment Patent Book Value $ 1,320,000 1,220,000 6,820,000 220,000 Fair Value $ 1,120,000 1,520,000 7,920,000 1,220,000 1,720,000 Accounts payable Required: 1,720,000 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 11 Required 2 Calculate the amount paid for goodwill. Goodell