On January 10^th 2008 Johnson brother Company offers to purchase John s ith's Company for $675,000 cash.

Balance Sheet:

Assets: Liabilities & Equity:

Accounts Receivable $32,000 Accounts Payable $140,000

Inventory $45,000 Bonds Payable $100,000

Land $50,000 Premium on Bonds $20,000

Building $425,000 COMMON STOCK $50,000

Accum Dep ($125,000) PIC $75,000

Equipment $130,000 Retained Earnings $117,000

Accum Dep ($55,000)

Total $502,000 Total $502,000

determined the following differences between Book Value and Fair Market Value (FMV):

FMV

Inventory $52,000

Land $70,000

Building $290,000

Equipment $85,000

Bonds Payable $90,000

Required:

Record purchase of buyer and seller