Problem $7-3$B $($Algo$)$ Calculate and record goodwill $($LO$7-2)$

Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $$5,590,000$ in cash. The book values and fair values of Pioneer's assets and liabilities were as follows:

$\backslash$table$[[,$Book Value,Fair Value$],[$Accounts Receivable,$$740,000,$$$640,000$