Purple Corp purchased all of the listed assets and liabilities of Sudden Corp. for $1,600,000. The following assets and liabilities were purchased: $ Accounts receivables Inventory Property, plant, and equipment (net) Patent Liabilities Book Value 140,000 $ 168,000 820,000 0 (170,000) Fair Market Value 140,000 256,000 1,040,000 276,000 (170,000) Required: 1. What is the appropriate amount that would be recorded for goodwill? 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.)