1 On April 30, 2021, PC Inc. decided to expand its operations by purchasing the net assets of A&A Company for a cash payment of $555,110. Following are the fair values and book values of each of the assets and liabilities of A&A Company on April 30, 2021: Description Fair Value Book Value Cash $ 42,100 $ 42,100 Accounts receivable 87,580 89,370 Inventory 163,000 108,200 Copyrights 299,600 187,400 Accrued liabilities 77,210 77,210 Wages payable 5,450 5,450 PC Inc. is a public corporation that follows IFRS. All of the assets purchased and liabilities assumed are allocated to a single cash-generating unit, known as the A&A Division. Required: Prepare the journal entry for PC Inc.'s purchase of the net assets of A&A Company on April 30, 2021.(4 marks) 15:03