In a transaction structured as a merger, Passall purchased Sassalls pet food business for $2,600,000 cash. The following are Sassalls book value and fair value of assets and liabilities at the date of the acquisition.

	Book Value	Fair Value
Current Assets	$500,000	$550,000
Land	$1,000,000	$2,500,000
Building and Equipment- net	$800,000	$1,050,000
Patents		$100,000
Current Liabilities	$200,000	$200,000
Bond Payable	$1,500,000	$1,200,000

Prepare the entry that Passall will make to record this merger.