Problem 5: On May 31,2020, Wamser Company paid $3,500,000 to acquire all of the common stock of Hall Corporation, which became a division of Wamser. Hall reported the following balance sheet at the time of the acquisition: Current Assets $ 900,000 Current Liabilities $ 600,000 Noncurrent Assets 2.700.000 Long-term Liabilities 500,000 Stockholders' Equity 2,500,000 Total Liabilities and Stockholders' Equity Total Assets $3,600.000 $3,600,000 At the date of purchase, the fair market value of the noncurrent assets is $300,000 higher than the book value. Market Value for all other assets and liabilities is the same as book value. Required: (A) Determine the amount of goodwill recognized, if any, on July 1, 2020. | (B) Prepare the Journal Entry to Record the Acquisition. Date Account Dr Cr