Hendrie Inc. acquired the listed assets and liabilities of Smith Corp. for $2,200,000 cash on 1 January. The book values and fair values of the assets of Smith as of the date of acquisition were: Accounts receivable Inventory Property, plant, and equipment Land Book Value $ 245 000 320,000 490,000 295.000 Fair Value $ 245,000 540.000 740,000 590.000 In addition, Smith Corp. had liabilities totalling $510,000 at the date of acquisition and a customer list estimated to have a fair value based on discounted future cash flows of $170,000. Required: Prepare the journal entry necessary for Hendrie to record the acquisition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transactions Journal entry worksheet Record the acquisition entry. Note: Enter debits before credits Transaction General Journal Debit Credit Clementy