4 On February 1, 20X2, Ava Corp purchased Beta Ltd for $445,000. At that date, Beta reported net assets as follows: Assets Book value Fair value Cash 10,000 10,000 Liabilities A/P A/R 60,000 60,000 Debt Prepaid rent 12,000 12,000 Equipment 85,000 90,000 Building 160,000 180,000 Land 150,000 200,000 Patent 25,000 63,000 Book value 48,000 165,000 Book value is net of allowance for doubtful accounts or accumulated depreciation where applicable. The book value of liabilities equals fair value. Required: (1) Record the purchase of Beta Ltd. (in the books of Ava Corp). (2) What would the journal entry be if the purchase price of Beta was $380,000