Heinrich Company, owned by Elennor and Al Heinrich, has been experiencing financial difficulty for the past several years. Both Elennor and Al have not been in good health and have decided to find a buyer. P&F International, after reviewing the financial statements for the previous three years, has decided to make an offer of $150,000 for the net assets of Heinrich Company on January 1, 2012. The balance sheet as of this date is as follows:

In reviewing the above balance sheet, P&€™s appraiser felt the liabilities were stated at their fair values. He placed the following fair values on the assets of the company.
Heinrich Company
Fair Values
January1, 2012
Current assets:
Accounts receivable ..................... $ 90,000
Inventory........................ 30,000
Other current assets ..................... 8,000
Total current assets .................... $128,000
Fixed assets:
Equipment ........................ $ 80,000
Vehicles ......................... 50,000
Total fixed assets ....................... $130,000
Intangibles:
Mailing list ........................ $ 10,000
Total assets ........................ $268,000
Required
Using this information, do value analysis, and prepare the entry to record the acquisition of the net assets of Heinrich Company on the books of P&F International.

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Heinrich Company Balance Sheet January 1, 2012 Current assets: Current liabilities: Inventory Other current assets.... 14,000 14,000 $137,00 rnt liabilities 串70,000 Total current assets.········· Fixed assets: Equipment... Other liabilities: Vehicles 69,000 $174,000 Total fixed assets Intangibles: Mailing lists . . . . . . . tal liabilities $100,000 Stockholders' equity: Common stock Paid-in capital in excess of par Retained earnings Tołal equity .. 60,000 100,000 55,000 $215.000 $315,000 . . . … 4,000 Total assets 315,000 Total liabilities and equity .. .