Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,600,000 in cash. The book values and fair values of Pioneer's assets and liabilities were: Fair Value Accounts Receivable 650,000 Book Value $ 750,000 $ Buildings 4,100,000 Equipment Accounts Payable Net assets $ 110,000 (750,000) 4,210,000 $ 4,800,000 200,000 (750,000) 4,900,000 Required: 1. Calculate the amount Northem Equipment should report for goodwill. 2. Record Northem Equipment's acquisition of Pioneer Equipment Rental. Required 1: Goodwill amount (insert answer in yellow highlighted box below and be sure to show all work for full credit) Required 2: Record acquisition No. General Journal Debit Credit 1