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

Required
Blanket acquired Spur Corporation€™s assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Blanket made to record thepurchase.

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