Jones Manufacturing Company decided to expand further by purchasing Smith Company. The balance sheet of Smith Company as of December 31,2016 was as follow5: An appraisal, agreed to by the parties, indicated that the fair market value of the inventory was $340,000 and that the fair market value of the plant assets was $1,150,000. A patent that Smith Company possessed was determined to have a valuft of $3,000. The fair market value of the receivables is equal to the amount reported os the balance sheet. The agreed purchase price was $1,850,000, and this amount was paid in cash to the previous owners of Smith Company. Instructions Joumalize the purchase of Smith Company by Jones Manufacturing showing the amount of goodwill