On January 1, 2017, AMI Corporation purchased the non-cash net assets of Nash Ltd. for $8,465,400. Following is the statement of financial position of Nash Ltd. from the company's year-end the previous day:

Nash Ltd. Statement of Financial Position As at December 31, 2016
Cash		$710,000
Accounts receivable		551,000
Inventory		2,530,000
Property, plant, and equipment (net)		2,130,000
Land		2,610,000
		$8,531,000
Accounts payable		$361,000
Common shares		2,580,000
Retained earnings		5,590,000
		$8,531,000

As part of the negotiations, AMI and Nash agreed on the following fair values for the items on Nash's statement of financial position:

Accounts receivable		$549,100
Inventory		2,270,000
Property, plant, and equipment		1,965,000
Land		3,810,000
Accounts payable		229,700

Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Nash Ltd, assuming AMI paid cash for the net assets. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Nash, AMI purchased all of the company's shares, instead. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 used