Marino Company had the following balance sheet on January 1, 2019:

Marino Company

Balance Sheet

January 1, 2019

1	Cash	$20,000.00	Accounts payable	$20,000.00
2	Inventory	30,000.00	Notes payable	100,000.00
3	Property, plant, and equipment	200,000.00
4	Patent	30,000.00	Shareholders equity	160,000.00
5		$280,000.00		$280,000.00

On January 1, 2019, Paul Company purchased Marino by acquiring all its outstanding shares for $300,000 cash. On that date, the fair value of the inventory was $20,000, and the fair value of the equipment was $250,000. In addition, the fair value of a previously unrecorded customer list was $25,000. For all other amounts, the book value of January 1, 2019, equaled fair value.

Required:

1.	Compute the goodwill associated with the purchase of Marino.
2.	Prepare the journal entry necessary on January 1, 2019, to record the acquisition of Marino.