Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,460,000 in cash. The book values and fair values of Pioneer's assets and liabilities were: Accounts Receivable Buildings ces Accounts Payable Net assets Equipment Book Value $ 610,000 3,960,000 120,000 Fair Value $ 510,000 4,660,000 210,000 (890,000) (890,000) $3,800,000 54,490,000 Required: 1. Calculate the amount Northern Equipment should report for goodwill. Goodwill 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 1 Record the acquisition of Pioneer Equipment Rental. Note: Enter debits before credits. Transaction General Journal Debit Credit