Problem 7-3B Calculate and record goodwill (LO7-2) Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,510,000 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 $ 660,000 4,010,000 110,000 (840,000) $ 3,940,000 Fair Value $ 560,000 4,710,000 200,000 (840,000) $4,630,000 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