On May 31, 2013, Armstrong Company paid $3,300,000 to acquire all of the assets and liabilities of Hall Corporation. Hall reported the following balance sheet at the time of the acquisition:

Inventory $900,000 Equipment 2,700,000 Total assets 3,3600,000 Accounts Payable $600,000 Notes Payable 500,000 Stockholders' equity 2,500,000

Total liabilities & stock holders equity 3,600,000

It was determined at the date of the purchase that the fair value of the identifiable net assets of Hall was $2,800,000, because the fair value of the equipment was 3,000,000. Prepare the journal entry on the books of Armstrong to record the purchase of Hall Company (record each asset and liability account in your entry (not totals)