4.) Oney acquired Spur Corporation's assets and liabilities for $500,000 cash on December 31, 2013. Spur dissolved on the date of the acquisition. Spur's balance sheet and related fair values are shown as of that date, below. Book Value Fair Value Cash $20,000 $20,000 Accounts Receivable 40,000 38,000 Land 45,000 50,000 Plant and Equipment-net 460,000 410,000 Franchise Agreement 0 160,000 Total Assets $565,000 Accounts Payable Other Liabilities $70,000 $70,000 120,000 110,000 Common Stock Additional Paid in Capital Retained Earnings 180,000 40,000 155,000 Total Liabilities and Equity $565,000 Required: Prepare the journal entry recorded by Pony as a result of this transaction. Answer: Accounts Receivable38,000 Land 50,000 Plant and Equipment-net 410,000 Franchise agreement 160,000 Goodwill 2,000 Accounts Payable 70,000 Other Liabilities 110,000 Cash* 480,000