On January 1, 2017, AMI Corporation purchased the non-cash net assets of Pronghorn Ltd. for $8,414,100. Following is the statement of financial position of Pronghorn Ltd. from the company's year-end the previous day:

Pronghorn Ltd. Statement of Financial Position As of December 31, 2016
Cash		$690,000
Accounts receivable		556,000
Inventory		2,570,000
Property, plant, and equipment (net)		2,080,000
Land		2,610,000
		$8,506,000
Accounts payable		$366,000
Common shares		2,530,000
Retained earnings		5,610,000
		$8,506,000

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

Accounts receivable		$554,400
Inventory		2,355,000
Property, plant, and equipment		1,875,000
Land		3,760,000
Accounts payable		229,300

Additional Problem 3 (Part Level Submission) On January 1, 2017, AMI Corporation purchased the non-cash net assets of Pronghorn Ltd. for $8,414,100. Following is the statement of financial position of Pronghorn Ltd. from the company's year-end the previous day: Pronghorn Ltd. Statement of Financial Position As at December 31, 2016 Cash Accounts receivable Inventory Property, plant, and equipment (net) Land $690,000 556,000 2,570,000 2,080,000 2,610,000 $8,506,000 $366,000 2,530,000 5,610,000 $8,506,000 Accounts payable Common shares Retained earnings As part of the negotiations, AMI and Pronghorn agreed on the following fair values for the items on Pronghom's statement of financial position Accounts receivable Inventory Property, plant, and equipment 1,875,000 Land Accounts payable $554,400 2,355,000 3,760,000 229,300 Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Pronghorn, AMI purchased all of the company's shares, instead. (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 Accounts Payable Accounts Receivable Cash Goodwill Inventory Investment in Subsidiary Company Land No Entry Property, Plant and Equipment Common Shares Retained Earnings