Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $1,600,000. The following assets and liabilities were purchased: Far Market Value $140,000 256.000 Book Value $ 140.000 Accounts receivables Inventory Property, plant, and equipment (net) Patent Liabilies 168,000 820,000 1,040,000 276,000 (170,000) (170,000) Required: 1. What is the appropriate amount that would be recorded for goodwill? Goodwill purchased 2. Prepare the journal entry for the acquisition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View Journal entry worksheet Record the acquisition entry Note: Enter debits before credits Transaction General Journal Debit Credit vw gayom Gerny Fair Market Book Value $140,000 168,000 Value Accounts receivables 140,000 256,000 Inventory Property, plant, and equipment (net) 820,000 1,040,000 Patent 0 276,000 (170,000) Liabilities (170,000) Required: 1. What is the appropriate amount that Goodwill purchased