On January 1, 2020, AMI Corporation purchased the non-cash net assets of Tamarisk Ltd. for $8,423,500. Following is the statement of financial position of Tamarisk Ltd. from the company's year-end the previous day:

Tamarisk Ltd. Statement of Financial Position As at December 31, 2019
Cash		$670,000
Accounts receivable		562,000
Inventory		2,560,000
Property, plant, and equipment (net)		2,120,000
Land		2,600,000
		$8,512,000
Accounts payable		$362,000
Common shares		2,570,000
Retained earnings		5,580,000
		$8,512,000

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

Accounts receivable		$560,700
Inventory		2,335,000
Property, plant, and equipment		1,935,000
Land		3,850,000
Accounts payable		351,200

Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Tamarisk Ltd, assuming AMI paid cash for the net assets.

Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Tamarisk, AMI purchased all of the company's shares, instead.