Musial Corporation used debentures with a par value of $580,000 to acquire 100 percent of the net assets of Sorden Company on January 1 , 2 0X2. On that date, the fair value of the bonds issued by Musial Corporation was $564,000, and the following balance sheet data were reported by Sorden Company:

Required Give the journal entry recorded by Musial Corporation at the time of exchange.

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Balance Sheet Item Cash and Receivables Inventory Land Plant and Equipment $ 55,000 105.000 Historical Cost Fair Value $ 50.000 200.000 100,000 400,000 300,000 (150.000) 10,000 60,000 Less: Accumulated Depreciation Goodwill Total Assets Accounts Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities and Equities $480.000 $ 50.000 100,000 60.000 270,000 $480,000 $650.000 $ 50,000