E1-12 Goodwill Recognition Spur Corporation reported the following balance sheet amounts on December 31, 20X1; Fair Value Historical Cost $ 50,000 100,000 40,000 400,000 (150,000) $ 40,000 Balance Sheet Item Cash &Receivables Inventory Land 150,000 30,000 350,000 Plant & Equipment Less: Accumulated Depreciation Patent 130,000 $700,000 $440,000 Total Assets $ 80,000 $85,000 Accounts Payable 200,000 Common Stock 20,000 Additional Paid-In Capital Retained Earnings 140,000 Total Liabilities & Equities $440,000 33 Intercorporate Acquisitions and Investments in Other Entities Chapter 1 Required Planket acquired Spur Corporation's assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Planket made to record the purchase