Heather Company purchases Abigail Company for $380 cash on January 1, 2021. The book value of Abigail Company's net assets reported on its December 31, 2020 balance sheet was $350. Abigail is a debt-free company. An analysis indicated that the fair value of Abigail's tangible assets exceeded the book value by $40, and the fair value of identifiable intangible assets exceeded book value by $30. Required: What is the fair value of Abigail's net assets? Write the journal entry to record the purchase of Abigail Company: Account Debit Credit 380 Cash