Ramirez purchased the entire business of Ludwig including all its assets and liabilities for $900 on December 31, 2021, Below is information related to the two companies at that date: Ramirez Ludwig Fair value of assets 1,050 850 Fair value of liabilities 575 50 Reported assets 800 650 Reported liabilities 500 250 Net Income for the year 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