Grand Champion Inc. purchased America's Sweethearts Corporation on January 1, 2019. At the time, America's Sweethearts had the following assets and liabilities (stated at fair value): Cash $63,000 Accounts receivable 137,000 Inventory 185,000 300,000 Property, plant, and equipment Patent 75,000 Accounts payable 180,000 Notes payable 325,000 Grand Champion paid $800,000 for America's Sweethearts Required: Record the purchase by Grand Champion. Grand Champion Inc. General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 125 Notes Receivable EXPENSES 141 Inventory 500 Cost of Goods Sold 160 Property, Plant, and Equipment 511 Insurance Expense 512 Utilities Expense 181 Patent 184 Goodwill 513 Delivery Expense 515 Supplies Expense LIABILITIES 521 Salaries Expense 211 Accounts Payable 532 Bad Debt Expense 221 Notes Payable 536 Advertising Expense 224 Interest Payable 540 Interest Expense 231 Salaries Payable 559 Miscellaneous Expenses EQUITY 311 Common Stock 331 Retained Earnings Record the purchase of America's Sweethearts Corporation by Grand Champion on January 1. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT