Fortune paid $570,000 cash to acquire 100 percent of Sorden Companys net assets on January 1, 2012. On that date, the following balance sheet data were reported by Sorden:

Prepare the journal entry Fortune would record at the time of exchange.

Historical Fair Value Balance Sheet ttem Cash and Receivables Irwerntory Land Plait & Equipmenit Less: Accumulated Depreciation$ (150,000) Goodhwill Total Assets Cost $55,0CO$50,CCC $105,0CO$190,CCC $60,CCO$100,CCC $400,000 $ 32D,000 $10,CCo $480,00o $ 66D,000 Accounts Payable Common Stock Additional Pain-in-Capital Retaned Eanings Total Liabilities & Equity $50,CCO$65,CCC $100,CCo $60,CCo $27U,CCo $480,CCo