Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,410,000 in cash. The book values and fair values of Pioneers assets and liabilities were:

	Book Value		Fair Value
Accounts Receivable	$	560,000			$	460,000
Buildings		3,910,000				4,610,000
Equipment		110,000				200,000
Accounts Payable		(940,000	)			(940,000	)
Net assets	$	3,640,000			$	4,330,000

Required:

1. Calculate the amount Northern Equipment should report for goodwill.

2. Record Northern Equipments acquisition of Pioneer Equipment Rental. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)