Assume that on January 1, 2016 an investor company paid $14,500 to an investee company in exchange for the following assets and liabilities transferred from the investee company:

Asset (Liability)	Investee's Book Value	Estimated Fair Value
Production equipment	$1,500	$1,300
Factory	7,500	7,150
Land	500	1,950
Patents	-	2,600

In addition, the investor provided to the seller contingent consideration with a fair value of $200 and the investor paid an additional $500 of transaction costs to an unaffiliated third party. The contingent consideration has a potential settlement value of $450 in two years, and is not a derivative financial instrument. The book values are from the investees financial records immediately before the exchange. The fair values are measured in accordance with FASB ASC 820: Fair Value Measurement.

a. Provide the journal entry recorded by the investor company assuming that the net assets transferred from the investee do not qualify as a business, as that term is defined in FASB ASC Master Glossary.

General Journal
Description	Debit	Credit
Production equipment	Answer	Answer
Factory	Answer	Answer
Land	Answer	Answer
Patents	Answer	Answer
No entry	Answer	Answer
No entry	Answer	Answer
No entry	Answer	Answer
Cash	Answer	Answer