Joudy firm reported the following balance sheet amounts on December 31, 2021:

Balance Sheet Item	Historical Cost					Fair Value
Assets
Cash & Receivables		$	53,000				$	37,000
Inventory			120,000					141,000
Land			45,000					25,000
Plant & Equipment			415,000					332,000
Less: Accumulated Depreciation			(163,000	)
Patent								121,000
Total Assets		$	470,000				$	656,000
Liabilities and Equities
Accounts Payable		$	60,000				$	65,000
Common Stock			182,000
Additional Paid-In Capital			14,000
Retained Earnings			214,000
Total Liabilities & Equities		$	470,000

Required: Abdelrahman acquired Joudy firms assets and liabilities for $682,000 cash on December 31, 2021. Give the entry that Abdelrahman made to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)