Marigold Corporation purchased the net assets of Sandhill Corporation on January 2, 2020 for $616,000 and also paid $ 22,000 in direct acquisition costs. Sandhill's balance sheet on January 1, 2020 was as follows: Accounts receivable-net Inventory Land Building-net Equipment-net Total assets $ 198,000 396,000 44,000 66,000 88,000 $792,000 Current liabilities Long term debt Common stock ($1 par) Paid-in capital Retained earnings Total liab. & equity $77,000 176.000 22,000 473,000 44,000 $792,000 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $ 436,000, $ 54,000 and $ 78,000, respectively. Sandhill has patent rights valued at $ 22,000.