Manta company is about to purchase the net assets of Hounton Incorp. which has the following balance sheet:

Assets:

Accounts Recievable................40,000

Inventory...................................80,000

Equipment 90,000..............40,000

Accumulated(50,000)

Depreciation

Land & Building 300,000...........200,000

Accumulated (100,000)

Depreciation

Goodwill.....................................80,000

Total assets ..............................440,000

Liabilites & Stockholders Equity:

Bonds payable............................100,000

Common stock $10 par...............200,000

Paid in capital in excess to par....100,000

Retain earnings............................40,000

Total liabilities & equity.................440,000

Manta has secured the following market values for Hountons accounts

Inventory..................................120,000

Equipment ...............................60,000

Land & building........................240,000

Bonds payable .........................90,000

Record the entry for the purchase of the net assets of Hounton Inc. by Manta at the following cash prices:

a. $420,000 b. $50,000