Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $2,060,000. The following assets and liabilities were purchased: Fair Market Book Value Value Accounts receivables $ Inventory Property, plant, and equipment (net) 161,000 169,000 1,275,000 $ 161,000 Patent Liabilities 0 (256,000) 270,000 1,577,000 279,000 (256,000) 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.) 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 transaction list Journal entry worksheet 1 Record the acquisition entry. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit