Kirson Holdings Ltd. purchased the net assets of Baker Ltd. in January 2020 for $5,678,000. Kirson had appraisals conducted that indicated that the fair values of the assets purchased and liabilities assumed were as follows: Inventory $1,117,000 Patents $542,000 Accounts receivable 627,000 Accounts payable 607,000 Equipment 2,285,000 Bank loan payable 1,060,000 The patent acquired has 18 years remaining in its useful life. Kirson's management determined that it would contribute to the generation of revenues for five years, after which it would be obsolete. Determine the amount of goodwill Kirson acquired in the purchase. Goodwill Prepare the journal entry to record the amortization of the patent for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit