On January 1, 2021, Gibson Corporation purchased all of the assets and liabilities of Jensen Company for $200,000 of cash and 2,000 shares of Gibson common stock, par value of $2, with a market price of $20 per share on January 1, 2021. The purchase of Jensen Company is a statutory merger though asset acquisition. Jensen Company will be dissolved after the purchase.

Record the entry that Gibson Corporation would record for the purchase of the net assets of Jensen Company on January 1, 2021.

	Jensen Company Balance Sheet January 1, 2021			Fair Market Value
Assets:
Current Assets		$ 20,000		25,000
Equipment, net		75,000		70,000
Buildings, net		100,000		125,000
Land		10,000		55,000
Total Assets		$ 205,000
Liabilities		$80,000		80,000
Common Stock ($1 Par)		50,000
Additional Paid in Capital		55,000
Retained Earnings		20,000
Total Liabilities and OE		$205,000