Alexander Company purchases Vann Company for $520 cash on January 1, 2021. The book value of Vann Company's net assets reported on its December 31, 2020 balance sheet was $470. Vann is a debt-free company. An analysis indicated that the fair value of Vann's tangible assets exceeded the book value by $50, and the fair value of identifiable intangible assets exceeded book value by $42. Required: What is the fair value of Vann's net assets? Write the journal entry to record the purchase of Vann Company Account Debit Credit Cash 520