Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,430,000 in cash. The book values and fair values of Pioneer's assets and liabilities were Accounts Receivable Buildings Equipment Accounts Payable S 580,000 3,930,000 120,000 (920,000) 480,000 4,630,000 210,000 (920,000) Net assets S 3,710,000 S 4,400,000 Required 1. Calculate the amount Northern Equipment should report for goodwil $ 1030,000 2. Record Northern Equipment's acquisition of Pioneer Equipment Rental. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the acquisition of Pioneer Equipment Rental