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 Russell Rudy 1,060 Fair value of assets 900 575 150 800 654 Fair value of lablitos Reported assets Reported liabilities Net Income for the year 500 250 50 60 Required: 1. What is the fair value of the net assets of Navarro Corp? 750 2. Write the journal entry to record the purchase of Navarro Account Debit Credit Cash 950