On January 31, 2019, Blitzen Company paid $1,200,000 to acquire Sleigh Company, which as a result of the acquisition, became a wholly-owned subsidiary of Blitzen. On that date, Sleigh reported the following carrying amounts on its balance sheet and was appraised at the following fair market values: Carrying Values Fair Values Cash 50,000 50,000 Other Current Assets 250,000 450,000 Non-Current Assets 600,000 700,000 Total Liabilities 200,000 200,000 Provide the journal entry that Blitzen should make to record the acquisition of Sleigh.