On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value is accurate as of January 1, and was equal to fair value. Cash Inventory Property, plant, and equipment Patent $ 175,000 Accounts Payable 157,000 Notes Payable 200,000 Mortgage Payable 25.000 Retained Earnings $ 557,000 $ 57,000 250,000 150,000 100.000 $ 557.000 Required: 1.) Compute the goodwill associated with the purchase of Pleasantville, 2.) Prepare the journal entry necessary at January 1, to record the acquisition of Pleasantville