Pilgrim has acquired several other companies. Assume that Pilgrim purchased Kit for $9,000,000 cash. The book value of Kit's assets is $14,000,000 (market value, $15,000,000), and it has liabilities of $11,000,000 (market value, $11,000,000). Requirements 1. Compute the cost of goodwill purchased by Pilgrim 2. Record the purchase of Kit by Pilgrim