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