On January 3, Luna Inc. acquired all noncash assets and assumed all liabilities of Saturn Company at a cash purchase price of $960,000. Luna determined that the fair value of the assets acquired in the transaction is $1,120,000 and the fair value of liabilities is $480,000. The book value of the net assets at the purchase date was $600,000. a. Determine the amount of goodwill recorded by Luna upon purchase of Saturn Company. b. Assume that Luna is a private company that elects to amortize goodwill on a straight-line basis over 10 years. Prepare the amortization entry at December 31