Grabber Industries purchased the net assets of Easy Company for $1,300,000, comprised of $1,200,000 of cash and a contingent performance condition of $100,000. A schedule of the net assets of Easy Company, as recorded on Easy Company's books at the time of the acquisition, is as follows: Assets Cash Receivables Inventory Land, buildings, and equipment (net) Total assets S 31,000 250,000 302,000 350.000 Liabilities Current liabilities Long-term debt Total liabilities Net assets (book value) S 90,000 185,000 S 658,000 The following schedule shows the differences between the recorded costs and market values of the assets of Easy Company at the date of the acquisition: Book Values S302,000 350,000 Fair Values $400,000 390,000 Inventory Land, buildings, & equipment Patents Purchased in-process research & development Licensing agreements Totals Liabilities 40,000 300,000 90,000 $652,000 $275,000 $1220,000 Prepare the journal entry to record this acquisition using the acquisition method prescribed by SFAS 141R, "Business Combinations." ANS