Spur Corporation reported the following balance sheet amounts on December 3 1 . 2 0X1

Required Blanket Company purchases the assets and liabilities of Spur Corporation for $670,000 cash on December 31, 20X1. Give the entry made by Blanket Company to record the purchase.

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Balance Sheet Item Cash and Receivables Inventory Land Historical Cost Fair Value $ 50.000 100.000 $ 40,000 150.000 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 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