QUESTION 8 Girard purchased the entire business of Navarro including all its assets and liabilities for $950 on December 31, 2021 Below is information related to the two companies at that date Navarro 800 Fair value of assets Fair value of liabilities Reported assets Reported liabilties Not Income for the year Girard 1,050 575 800 500 60 200 650 250 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 De Cred Cash 950