On January 1, 2020, AMI Corporation purchased the cash net assets of Sheffield Ltd. for $8.652.700. Following is the statement of financial position of Sheffield Ltd. from the company's year and the previous day Sheffield Ltd. Statement of Financial Position As at December 31, 2019 Cash $710.000 Accounts receivable 551.000 Inventory 2.550.000 Property, plant, and equipment (net) 2160.000 Land 2560,000 $8.531,000 Accounts payable $311.000 Common shares 2610.000 Retained earnings 5.610,000 58,531000 As part of the negotiations, AMI and Sheffield agreed on the following fair values for the items on Shethield statement of financial position Accounts receivable Inventory Property, plant, and equipment Land Accounts payable $549.700 2,340.000 1.955.000 4.010,000 300.000 Your answer is partially correct. Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Sheffield Ltd, assuming AMI paid cash for the net assets. Of no entry is required, select "No Entry for the account titles and enter for the amounts edit account tities are automatically indented when amount is entered. Do not indent manual) Debit Credit Account Titles and Explanation Rettunts Receivable v Inventory Property. Plant and met V 1955000 Land 010000 Good Accounts Payable 300000 Cat Your answer is partially correct. Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Sheffield, AMI purchased all of the company's shares, instead. (If no entry is required, select "No Entry for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Investment in Subsidiary Company Cash