On January 1, 2020, AMI Corporation purchased the non-cash net assets of Stellar Ltd. for $8,682,500. Following is the statement of financial position of Stellar Ltd. from the company's year-end the previous day:

Stellar Ltd. Statement of Financial Position As at December 31, 2019
Cash		$650,000
Accounts receivable		553,000
Inventory		2,610,000
Property, plant, and equipment (net)		2,160,000
Land		2,530,000
		$8,503,000
Accounts payable		$283,000
Common shares		2,610,000
Retained earnings		5,610,000
		$8,503,000

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

Accounts receivable		$551,500
Inventory		2,355,000
Property, plant, and equipment		1,975,000
Land		3,980,000
Accounts payable		272,000

Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Stellar 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
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings

Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Stellar, 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 PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings
Accounts PayableAccounts ReceivableCashGoodwillInventoryInvestment in Subsidiary CompanyLandNo EntryProperty, Plant and EquipmentAllowance for Doubtful AccountsRetained Earnings