On January 1, 2020, Barrett Inc., a private enterprise that applies ASPE, purchased 43,750 of the 125,000 common shares of Gordon Corp. for $13.50 per share. As a result of this acquisition, Barrett was now able to exercise significant influence in decisions made by Gordon's management. Gordon Corp.'s financial information included the following information at the date of acquisition: Book Values Fair Values Assets not subject to being amortized $ 315,000 Assets subject to depreciation 640,000 Liabilities 130,000 $ 315 poo 704,000 130,000 Gordon Corp. depreciates its capital assets on a straight-line basis over a useful life of 8 years. In addition, for the 2020 year, Gordon reported net income of $175,000 and declared and paid dividends of $112,000 in 2020. The two companies both have a December 31 year-end. Required 1: How much goodwill (if any) did Barrett pay when acquiring Gordon? (4 marks) Required 2: Prepare all of the applicable journal entries for 2020 for Barrett Inc. (5 marks) You must show all calculations for full marks. Round percentages to the nearest whole percent (i.e.: 12.00% not 12.34%) and all dollars to the nearest whole dollar (no cents)