On January 1, 2020, AMI Corporation purchased the non-cash net assets of Kingbird Ltd. for $8,289,800. Following is the statement of financial position of Kingbird Ltd. from the company's year-end the previous day: Kingbird Ltd. Statement of Financial Position As at December 31, 2019 Cash $720,000 Accounts receivable 555.000 Inventory 2,610,000 Property, plant, and equipment (net) 2.160.000 Land 2.510,000 $8,555,000 Accounts payable $265.000 Common shares 2.610.000 Retained earnings 5,680,000 $8.555,000 As part of the negotiations, AMI and Kingbird agreed on the following fair values for the items on Kingbird's statement of financial position: Accounts receivable $553,700 Inventory 2,385,000 Property, plant, and equipment 1.955,000 Land 3,560,000 Accounts payable 254,900 Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Kingbird Ltd, assuming AMI paid cash for the net assets. (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 Accounts Receivable V Inventory 2385000 Property, plant and Equipment 1955000 Land 3560000 Goodwill V 91000 Accounts Payable 254900 Cash V 8289800 No Entry