3. On January 1, 2020, Wasp Corporation purchased the net assets of Mud Dauber Company for $1,475,000 cash. On this date, a condensed balance sheet for Mud Dauber showed:

	Book	Fair
	Value	Value
Current Assets	$ 500,000	$750,000
Long-Term Investments in Securities	200,000	175,000
Land	100,000	500,000
Buildings (net)	700,000	975,000
	$1,500,000
Current Liabilities	$ 300,000	$300,000
Long-Term Debt	550,000	525,000
Common Stock (no-par)	300,000
Retained Earnings	350,000
	$1,500,000

Required:

Record the entry on Wasps books for the acquisition of Mud Daubers net assets.