Goodwill in amount of $27,000,000 purchased. Is there amortization and/or journal entry?

You only record Goodwill if you purchase a company for more than the company is worth.
From your example you will have the following journal entry:
Debit Goodwill for the amount
Credit Cash for the amount

There is no amortization with Goodwill, however you have to do an impairment test annually to determine if your Goodwill has been impaired.