] QUESTION 1 Rudy purchased the entire business of Russell including all its assets and liabilities for $750 on December 31, 2021. Below is information related to the two companies at that date: Rudy 1,050 Russell 900 575 150 Fair value of assets Fair value of liabilities Reported assets Reported liabilities Net Income for the year 800 650 500 250 60 50 Required: 1. What is the fair value of the net assets of Navarro Corp? 2. Write the journal entry to record the purchase of Navarro Account Debit Credit Cash 950 QUESTION 2