Spur Corporation reported the following balance sheet amounts on December 31, 20X1:

 Spur Corporation reported the following balance sheet amounts on December 31, 20X1:

Balance Sheet Item    Historical Cost    Fair Value
Assets         
Cash and Receivables    $ 50,000    $ 40,000
Inventory    100,000    150,000
Land    40,000    30,000
Plant and Equipment    400,000    350,000
Less: Accumulated Depreciation    (150,000)    
Patent         130,000
Total Assets    $ 440,000    $ 700,000
Liabilities and Equities         
Accounts Payable    $ 80,000    $ 85,000
Common Stock    200,000    
Additional Paid-In Capital    20,000    
Retained Earnings    140,000    
Total Liabilities and Equities    $ 440,000     

Required:
Planket acquired Spur Corporation’s assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Planket made to record the purchase.

 

Thanks