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 fa value): Cash Accounts receivable $63,000 142,000 Inventory 185,000 Property, plant, and equipment 300,000 Patent 75,000 Accounts payable 180,000 Notes payable 325,000 Grand Champion paid $800,000 for America's Sweethearts. Required: 1 Record the purchase by Grand Champion