7 ( 8 points) harp Company decided to sell one of its subsidiaries, Subsidiary ABC. Douglas Inc, is the purchaser of this ubsidiary. Douglas paid $2,000,000 for Subsidiary ABC. Douglas performed a valuation analysis of Subsidia BC 's assets acquired and liabilities. The following table presents book values from Subsidiary ABC's financ atements and fair values determined by Douglas: Description Book Value Fair Value ventory 420,000 $450,000 counts Receivable 330,000 330,000 epaid Assets 70,000 60,000 uipment 290,000 410,000 ilding 330,000 360,000 ent 3 220,000 idemark 150,000 rrent Liabilities 125,000 125,000 se Obligation 170,000 170,000 er Long-term Liabilities 135,000 135,000 uired (journal entry explanations not required(: epare the journal entry