Exercise 1-14 (Algo) Bargain Purchase LO 1-5 Planter Corporation used debentures wath a par value of $565,000 to acquire 100 percent of Sorden Company's net assets on Jartuary 1,20X2. On that date, the fair value of the bonds issued by Planter was $549,000. The following balance sheet data were reported by Sorden: Required: Determine the amount Planter Corpofation would record as a gain on bargain purchase and prepare the journal entry Planter would record at the time of the exchange. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field