Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $$1,845,000.$ The following assets and liabilities were purchased:

Book Value Fair Market

Value

Accounts receivables $ $172,000$ $ $172,000$

Inventory $202,000328,000$

Property, plant, and equipment $($net$)890,0001,152,000$

Patent $0369,000$

Liabilities $(229,000)(229,000)$

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.$)$