Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $1,840,000. The following assets and liabilities were purchased: Accounts receivables Inventory Property, plant, and equipment (net) Patent Liabilities Book Value $ 181,000 181,000 950,000 @ (232,000) Fair Market Value $ 181,000 318,000 1,181,000 300,000 (232,000) 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.) View transaction list Journal entry worksheet