Nordic Outfitters purchased all the outstanding common stock of European Retail for $5,490,000 in cash. The book values and fair values of European Retails assets and liabilities were as follows: Book Value Fair Value Accounts Receivable $ 640,000 $ 540,000 Buildings 3,990,000 4,690,000 Equipment 120,000 210,000 Accounts Payable (860,000) (860,000) Net assets $ 3,890,000 $ 4,580,000 Required: 1. Calculate the amount Nordic Outfitters should report for goodwill. 2. Record Nordic Outfitterss acquisition of European Retail