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 goodwil? Goodwill purchased 2. Prepare the joumal entry for the acquisition. If no entry is required for a transaction event, select "No joumal entry required" in the first account field.) View traction ist Journal entry worksheet Record the acquisition entry Note Entor debits before credits Transaction General Journal Debit Credit hecordanty Clear entry View general Journal