On January 1, 2020, AMI Corporation purchased the non-cash net assets of Sage Ltd. for $8,275,100. Following is the statement of financial position of Sage Ltd. from the company's year-end the previous day: Sage Ltd. Statement of Financial Position As at December 31, 2019 Cash $680,000 Accounts receivable 556,000 Inventory 2,530,000 Property, plant, and equipment (net) 2,170,000 Land 2,560,000 $8,496,000 Accounts payable $316,000 Common shares 2,620,000 Retained earnings 5,560,000 $8.496,000 As part of the negotiations, AMI and Sage agreed on the following fair values for the items on Sage's statement of financial position: Accounts receivable Inventory Property, plant, and equipment Land Accounts payable $554,900 2.290,000 1,985,000 3,660,000 305,800 Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Sage Ltd, assuming AMI paid cash for the net assets. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit