St. Paul Corporation purchased all of the assets and liabilities of Star Company at the close of business on December 31, 2021. St. Paul Corporation paid cash of $840,000 and borrowed $2,000,000 (notes payable) to finance the rest of the transaction. The fair value and book value of Star's recorded assets and liabilities as of the date of acquisition are listed below. Book Value Fair Value Cash $250,000 $250,000 Accounts receivables $210,000 $245,000 Inventories $50,000 $60,000 Land $700,000 $725,000 Plant assets-net $3,750,000 $3,800,000 Total Assets $4,960,000 $5,080,000 Accounts payable $1,100,000 $1,100,000 Note payable $1.910,000 $1,910.000 Capital Stock, $5 par $800,000 Additional paid-in $750,000 capital Retained earnings $400,000 Total Liabilities and $4,960,000 Equities 1. Prepare the preliminary calculations to determine if St. Paul paid more than the fair value of Star and if so, determine the amount of goodwill resulting from this purchase. (Show your work) 2. Prepare St. Paul's general journal entry for the acquisition i of Star. (hint: the total of the debits and the total of the credits will be $5,850,000)