Assets:	Thompson Inc.	Panna Corporation
	Carrying Amount	Carrying Amount	Fair value
Cash	$400,000	$10,000	$10,000
Accounts receivable	80,000	25,000	22,000
Inventory	100,000	70,000	75,000
Plant	500,000	165,000	175,000
Patents	100,000	25,000	25,000
Trade marks	-	-	20,000
Goodwill	120,000	10,000	10,000
Total Assets	1,300,000	305,000
Liabilities and Equity:
Current liabilities	$160,000	55,000	60,000
Long-term liabilities	100,000	65,000	60,000
Common shares (At $10 per share)	1,000,000	100,000
Retained earnings	40,000	85,000
Total liabilities and equity	1,300,000	305,000

Suppose Thompson Inc. purchased all the identifiable assets except cash and goodwill from Panna Corporation and assumed both the current liabilities and long-term liabilities by paying $ 210,000 cash on January 1, 2018.

• Journal entry/entries required in the book of Thompson Corporation

• Balance sheet of Thompson Inc. on January 1, 2018 after this purchase