Marino Company had the following balance sheet on January 1, 2019: Marino Company Balance Sheet January 1, 2019 1 Cash $10,000.00 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 5 30,000.00 Shareholders' equity $270,000.00 150,000.00 $270,000.00 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 $230,000. 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.