Problem 7-3B Calculate and record goodwill (L07-2) Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,420,000 in cash, The book values and fair values of Ploneer's assets and liabilities were: Book Value Fair Value Accounts Receivable $570,000 $470,000 Buildings 3,920,000 4,620,000 Equipment 100,000 190,000 Accounts Payable (930,000) 1930,000) Net assets $3,660,000 $4,350,000 Required: 1. Calculate the amount Northern Equipment should report for goodwill Good 2. Record Northern Equipment's acquisition of Pioneer Equipment Rental (if no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet at Record the acquisition of Pioneer Equipment Rental inces Note Enter debits before credits Transaction Goneral Journal Dobilt Credit Record entry Clear entry View general journal Prey 1 of 11 Next >