on 3 it of Lucky Corp. purchased the net assets of Cranky Company on 31 December 2020 for $920,000. Lucky Corp. reports under IFRS and considers Cranky Company to be a cash-generating unit. The following is the balance sheet for Cranky Company on that date: Assets Liabilities & S/H Equity Accounts Receivable $340,000 Accounts Payable $120,000 Inventory 100,000 Bonds Payable 250,000 Long-Term Investments Plant & Equipment (net) 120,000 360.000 $920,000 Common Stock 10,000 Retained Earnings 540.000 $920.000 Additional data: a. The inventory has a fair market value of $89,000. G b. The plant & equipment have a fair market value of $380,000. Not included in the balance sheet is an internally developed patent with an estimated fair value of $60,000. d. All other assets and liabilities have fair values that are equal to their carrying amounts. Required: a) Calculate the amount of goodwill that Lucky Corp. will record upon the purchase of the net assets of Cranky Company. (5 marks) b) Prepare the journal entry at 31 December 2020 to record the purchase of the net assets by Lucky Corp. (3 marks) c) Explain how goodwill differs from other intangible assets. (2 marks)