6. On January 1, 20X7, Porter Corporation acquired Smart Corporation's net assets by issue 20,000 shares of common stocks with par value of $1. The Porter's shares are trading at $8 at the time of acquisition. Balance sheet data for the two companies and fair value information for Smart Corporation immediately before the business combination are given below: Porter Book Value Cash &Receivable $240,000 Buildings and equipment, net 190,000 Inventory 120,000 Patent 50,000 Total Assets $600,000 Smart Company Book Value Fair Value $ 52,000 $ 52,000 100,000 150,000 25,000 36,000 20,000 40,000 $197,000 $278,000 $ 135,000 Account Payalbe $ 185,000 Common Stock 120,000 Additional Paid in Capital 140,000 Retained earnings 155,000 Total Liabilities and equity $600,000 $135,000 20,000 25,000 17,000 $197,000 Required: Prepare the journal entry made by Porter to record the purchase