Current Attempt in Progress ConcordCorporation purchased the net assets of Cullumber Corporation on January 2, 2020 for $700,000 and also paid $25,000 in direct acquisition costs. Cullumber's balance sheet on January 1,2020 was as follows: Fair values agree with book values except for inventory, land, and equipment, which have fair values of $490,000,$60,000 and $ 90,000 , respectively. Cullumber has patent rights valued at $25,000. Prepare Concord 's general journal entry for the cash purchase of Cullumber's net assets. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable Acquisition Expense Building Cash Current Liabilities Equipment Gain on Acquisition Goodwill Inventory Land Long-Term Debt Patent Debit Credit Credit v Save for Later Attempts: 0 of 2 used Submit Answer Assume Concord Corporation purchased the net assets of Cullumber Corporation for $640,000 rather than $700,000, prepare the general journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Accounts Receivable Acquisition Expense Building Cash Current Liabilities Equipment Gain on Acquisition Goodwill Inventory Land Long-Term Debt Patent Debit Credit Credit v Attempts: 0 of 2 used Attempts: 0 of 2 used Submit