No. 2 Saveed Corporation purchased the net assets of Penny Inc. on January 2, 2013 for $1,690,000 cash and also paid $15,000 in direct acquisition costs. Penny dissolved as of the date of the acquisition. Penny's balance sheet on January 2, 2013 was as follows: Accounts receivable-net $190,000 Current liabilities $235,000 Inventory 480,000 Long term debt 650,000 Land 110,000 Common stock ($1 par) 25,000 Building-net 630,000 Paid-in capital 150,000 Equipment-net 240,000 Retained earnings 590,000 Total assets $1,650,000 Total liab. & equity $1,650,000 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $640,000, $140,000 and $230,000, respectively. Penny has customer contracts valued at $20,000. Required: Prepare Saveed's general journal entry for the cash purchase of Penny's net assets. (5 Points)