Required information [The following information applies to the questions displayed below.] On January 4, David Company acquired all of the net assets (assets and liabilities) of William Company for $126,000 cash. - The two companies merged, with David Company surviving. On the date of acquisition, William's balance sheet included the following. The property and equipment had a fair value of $57.000. William also owned an internally developed patent with a fair value of $3,000 (thus, not recorded as an asset on William's balance sheet). The book values of the cash and liabilities were equal to their fair values. Required: 1. How much goodwill was involved in this merger? 2. Prepare the journal entry that David would make to record the merger on January 4. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits