Problem #5 Goodwill (9 points) George Jones, owner of Jones Contracting, is negotiating the purchase of Black Hills Contracting. The balance sheet of Black Hills Contracting is given in abbreviated form. Black Hills Contracting Balance Sheet Assets Liabilities & Stockholders' Equity Cash $700 Accounts Payable $1,500 Inventory 500 Notes Payable 2,000 Land 1.250 Total Liabilities $3,500 Building (Net) 2,000 Common Stock $950 Retained Earnings 700 Total Stockholders' 1,650 Equipment (Net) 700 Equity Total Liabilities & Total Assets $5,150 Stockholders' $5,150 Equity George Jones and Black Hills Contracting agree to the following: A. Land is undervalued by the following amount: $ B. Equipment is overvalued by the following amount: $ Jones agrees to pay the following amount for Black Hills $ Contracting 125 105 2,500 1. Prepare the journal entry to record the purchase of Black Hills Contracting on Jones Contracting's books (9 points)