On September 30, 2021, Champion Incorporated decided to expand its operations by purchasing the net assets of PC Inc. for a cash payment of $722,480. Following are the book values and fair values of each of the assets and liabilities of PC Inc. on September 30, 2021: Description Book Value Fair Value Cash $ 27,500 $ 27,500 Accounts receivable 76,100 69,900 Land 25,200 248,330 Patents 28,757 359,600 Accounts payable 9.210 9,210 Notes payable 34,600 34,600 Champion Incorporated is a public company that follows IFRS. All of the assets purchased and liabilities assumed are allocated to a single cash- generating unit, known as the PC Division. Required: Required: Prepare the journal entry for Champion Incorporated's purchase of the net assets of PC Inc. on September 30, 2021. (4 marks)