Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $$5,590,000$ in cash. The book values and fair values of Pioneer$$s assets and liabilities were as follows:

Book Value Fair Value

Accounts Receivable $ $740,000$ $ $640,000$

Buildings $4,090,0004,790,000$

Equipment $100,000190,000$

Accounts Payable $(760,000)(760,000)$

Net assets $ $4,170,000$ $ $4,860,000$

Required:

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

$2.$ Record Northern Equipment$$s acquisition of Pioneer Equipment Rental.