2.2: Peterson Corporation purchased the net assets of Sanderson Corporation on January 2, 2004 for $280,000 and also paid $10,000 in direct acquisition costs. Sanderson's balance sheet on January 1, 2004 was as follows: Accounts receivable-net $ 90,000 Inventory ZOUJO 180,000 Land 25, un 20,000 Building-net 30,000 Equipment-net 40,000 Total assets $.360.000 Current liabilities $ 35,000 Long term debt 80,000 Common stock ($1 par) 10,000 Paid-in capital 215,000 Retained earnings 20.000 Total liab. & equity $360,000 3 Fair values agree with book values except for inventory, land, and equipment, that have fair values of $200,000, $25,000 and $35,000, respectively. Sanderson has patent rights valued at $10,000. Required: A. Prepare Peterson's general journal entry for the cash purchase of Sanderson's net assets. Spot ko ( app B. Assume Peterson Corporation purchased the net assets of Sanderson Corporation for $160,000 rather than $280,000, prepare the general journal entry