Duck Incorporated purchased the assets and liabilities of Beaver Company at the close of business on December 31, 2017. Duck borrowed $2,000,000 to complete this transaction, in addition to the $640,000 cash that Duck paid directly. The fair value and book value of Beaver's recorded assets and liabilities as of the date of acquisition are listed below. In addition, Beaver had a patent that had a fair value of $50,000.

Book ValueFair Value

Cash$120,000$120,000

Inventories220,000250,000

Other current assets630,000600,000

Land270,000320,000

Plant assets-net4,650,0004,600,000

Total Assets$5,890,000

Accounts payable$1,200,000$1,200,000

Notes payable2,100,0002,100,000

Capital stock, $5 par700,000

Additional paid-in capital1,400,000

Retained Earnings490,000

Total Liabilities & Equities$5,890,000

Required:

Prepare Duck's general journal entry for the acquisition of Beaver.