On January 1, 2020, AMI Corporation purchased the non-cash net assets of Culver Ltd. for $8,087,900. Following is the statement of financial position of Culver Ltd. from the company's year-end the previous day: Culver Ltd. Statement of Financial Position As at December 31, 2019 Cash Accounts receivable Inventory Property, Plant and equipment (net) Land Total assets Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total liabilities and shareholders' equity $630,000 554,000 2,510,000 2,070,000 2,570,000 $8,334,000 $324,000 2,520,000 5,490,000 $8,334,000 22 As part of the negotiations, AMI and Culver agreed on the following fair values for the items on Culver's statement of financial position: 3. 4. 5 Accounts receivable Inventory Property, Plant and equipment Land Accounts payable $552,400 2,265,000 1,870,000 3,620,000 313,500 Instructions Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Culver Ltd, assuming AMI paid cash for the net assets (show all workings) 10 marks