Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,570,000 in cash. The book values and fair values of Pioneers assets and liabilities were as follows: Book Value Fair Value Accounts Receivable $ 720,000 $ 620,000 Buildings 4,070,000 4,770,000 Equipment 110,000 200,000 Accounts Payable (780,000) (780,000) Net assets $ 4,120,000 $ 4,810,000 Required: 1. Calculate the amount Northern Equipment should report for goodwill. 2. Record Northern Equipments acquisition of Pioneer Equipment Rental