Grand Champion Inc. purchased Americas Sweethearts Corporation on January 1, 2019. At the time, Americas Sweethearts had the following assets and liabilities (stated at fair value): Cash $62,000 Accounts receivable 138,000 Inventory 185,000 Property, plant, and equipment 300,000 Patent 65,000 Accounts payable 200,000 Notes payable 325,000 Grand Champion paid $900,000 for Americas Sweethearts. Required: Record the purchase by Grand Champion.