On January 1, 2020, AMI Corporation purchased the non-cash net assets of Pina Ltd. for $8,275,100. Following is the statement of financial position of Pina Ltd. from the company's year-end the previous day:

Pina Ltd.

Statement of Financial Position

As at December 31, 2019

Cash$680,000

Accounts receivable556,000

Inventory 2,530,000

Property, plant, and equipment (net). 2,170,000

Land2,560,000

$8,496,000

Accounts payable$316,000

Common shares2,620,000

Retained earnings 5,560,000

$8,496,000

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

Accounts receivable$ 554,900

Inventory 2,290,000

Property, plant, and equipment1,985,000

Land 3,660,000

Accounts payable305,800

Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Pina 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.)

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Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Pina, 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 Title Debit Credit

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