Using the data presented in E1-13, determine the amount Planter Corporation would record as a gain on bargain purchase and prepare the journal entry Planter would record at the time of the exchange if Planter issued bonds with a par value of $580,000 and a fair value of $564,000 in completing the acquisition of Sorden. E1-13 Acquisition Using Debentures Planter Corporation used debentures with a par value of $625,000 to acquire 100 percent of Sorden Company's net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Planter was $608,000. The following balance sheet data were reported by Sorden: Balance Sheet Item Cash & Receivables Inventory Land Plant & Equipment Less: Accumulated Depreciation Goodwill Total Assets Accounts Payable Common Stock Additional Paid-In Capital Historical Cost $ 55,000 105,000 60,000 400,000 (150,000) 10,000 $480,000 $ 50,000 100,000 Fair Value $ 50,000 200,000 100,000 300,000 $650,000 $ 50,000 Retained Earnings Total Liabilities & Equities 60,000 270,000 $480,000 Required Give the journal entry that Planter recorded at the time of exchange.