On July 1, 2020, Planes Incorporated paid cash for 21,000 shares of Sabrina Company's $10 par value stock, when it was trading at $22 per share. At that time, Sabrina's total stockholders' equity was $597,000, and they had 30,000 shares of stock outstanding, both before and after the purchase. The book value of Sabrina's net assets is believed to approximate the fair values. Requirement 1: Prepare the journal entry that Planes Inc. would record at the date of acquisition on their general ledger. Requirement 2: Calculate the balance of the goodwill that would be recorded on Planes' general ledger, on Sabrina's general ledger, and in the consolidated financial statements