8) Maxwell Industries paid $18 per share for 80% of the 10,000 outstanding shares of Kendal Hall. The balance sheet of Kendal Hall and the additional market value information follows. Show the journal entry that Maxwell would record at the point of purchase. Show your work for calculating the amounts. Item Historical Cost Fair Market Value Current Assets $125,000 $150,000 Noncurrent assets 65,000 80,000 Liabilities 70,000 70,000 Stockholders' equity 120,000 N/A Account Debit Credit