Hunter Manufacturing Company decided to expand further by purchasing the net assets of Fisher Company's business. The balance sheet of Fisher Company as of December 31, 2018 was as follows: Assets Cash Receivables Inventory Plant assets (net) Total assets Fisher Company Balance Sheet December 31, 2018 Equities 110,000 Accounts payable 325,000 450,000 Common shares 800,000 275,000 Retained earnings 735,000 1,025,000 1,860,000 Total equities 1,860,000 An appraisal, agreed to by the parties, indicated that the fair market value of the inventory was $320,000, that the fair market value of the plant assets was $1,225,000 and that the Fisher trademark had a fair value of $200,000. The agreed purchase price was $2.5 million, and this amount was paid in cash to Fisher Company. Required (6 marks): Prepare the journal entry to record the acquisition of the net assets of Fisher Company on January 1, 2019