On May 31, 2005, Byers Corporation acquired for $560,000 cash all the net assets except cash of Sellers Company, and paid $60,000 cash to a law firm for legal services in connection with the business combination. The balance sheet of Sellers on May 31, 2005, was as follows: SELLERS COMPANY Balance Sheet (prior to business combination) May 31, 2005 Assets Cash Other current assets (net) Plant assets (net) Intangible assets (net) Total assets $ 40,000 280,000 760,000 120,000 $1,200,000 Liabilities and Stockholders' Equity Liabilities $ 620,000 Common stock, $1 par 250,000 Retained earnings 330,000 Total liabilities and stockholders' equity $1,200,000 The present value of Sellers's liabilities on May 31, 2005, was $620,000. The current fair values of its noncash assets were as follows on May 31, 2005: $300,000 780,000 Other current assets Plant assets Intangible assets (all recognizable under generally accepted accounting principles for business combinations) 130,000 Prepare journal entries (omit explanations) for Byers Corporation on May 31, 2005, to record the acquisition of the net assets of Sellers Company except cash. (Disregard income taxes.)