Problem 7-3B Calculate and record goodwill (L07-2) Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,490,000 in cash. The book values and fair values of Pioneer's assets and liabilities were: Accounts Receivable Buildings Equipment Accounts Payable Net assets Book Value $ 640,000 3,990,000 120, eee (860, 980) $ 3,890,000 Fair value $ 540, eee 4,690,000 210, eee (860,000) $4,588,888 Required: 1. Calculate the amount Northern Equipment should report for goodwill. Goodwill 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 Record the acquisition of Pioneer Equipment Rental. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal