Exercise 3 Dolmen Corporation purchased the net assets of Carnac Inc on January 2, 2005 for $280,000 and also paid $10,000 in direct acquisition costs. Carnac's balance sheet on January 2, 2005 was as follows: Accounts receivable-net $ 90,000 Current liabilities S 35,000 Inventory 180,000 Long term debt 80,000 Land 20,000 Common stock ($1 par) 10,000 Building-net 30,000 Paid-in capital 215,000 Equipment-net 40,000 Retained earnings 20.000 Total assets $360,000 Total liab. & equity $360,000 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $200,000, $25,000 and $35,000, respectively. Carnac has patent rights valued at $10,000 Required: Prepare Dolmen's general journal entry for the cash purchase of Carnac's net assets