On January 1, 2003, Universal Company purchased the following assets and liabilities from Grand Company for $250,000: Book Fair Market Value Value UIVONLONY nae en eae ER: eres eine eRe Ree ee naee $40,000 $ 50,000 Bull Ginga cnt a erRace ee one eer er chars oe tetera rc at cen creer ewes 80,000 100,000 ain CLI Fic reruhad tla vane vate: Sydice. eto sauie dap seeps aee rede aa aire INP coe mee i 50,000 60,000 ACCOUNTS TECEIVabDIe wraeeeecese et con aie ee eae cede © secant elle 20,000 20,000 AGCOUNtSaDAVableataeis chogachs. -e woe. chs)- medal sey oeReyrtn ec ee (10,000) (10,000) 1. Prepare a journal entry to record the purchase of Grand by Universal. 2. Record amortization of goodwill as of December 31, 2003. (Assume a 40-year amortization period for the goodwill.)