The balance sheet of National Company on December 31, 2020, with related current fair value data, was as follows: National Company Balance Sheet (prior to business combination) December 31, 2020 Carrying Current Amounts Fair Values Assets Current assets $180,000 $ 220,000 Plant assets (net) 640,000 700,000 Intangible assets (net) (All recognizable under generally accepted accounting principles for business combinations.) 80,000 90,000 Total assets $900,000 $1,010,000 Liabilities and Stockholders' Equity Current liabilities $ 80,000 $ 80,000 Long-term debt 200,000 190,000 Total liabilities $280,000 $ 270,000 Common stock, no par or stated value $400,000 Retained earnings 220,000 Total stockholders' equity $620,000 Total liabilities and stockholders' equity $900,000 On December 31, 2020, United Corporation issued $200,000 common stock, $2 par value ($3 fair value) and paid $188,120, for all the net assets of National. Out of pocket costs paid by united, totaled $40,000, for legal fees to effect the business combination. Instructions: Prepare journal entries on December 31, 2020, to record United Corporation's acquisition of the net assets of National Company. Show the computation of goodwill in the explanation of the relevant journal entry. (Disregard income taxes.)