Purple Corp purchased all of the listed assets and liabilities of Sudden Corp. for $2,105,000. The following assets and liabilities were purchased: Accounts receivables Inventory Property, plant, and equipment (net) Patent Liabilities Book Value $179.000 199,000 2,190,000 0 (233,000) Fair Market Value $ 179,000 302,500 1,488,000 333,000 (233,000) 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 flat Journal entry worksheet