P Company Acquired the assets and assumed the liabilities of S Company on January 1, 2014, for $510,000 when S Companys balance sheet was as follows:

Cash	$ 96,000	Account Payable	$ 44,400
Receivables	55,200	Bonds Payable, 10%
Inventory	110,400	Due 12/31/2019	480,000
Land	169,200	Common Stock, $2 par v.	120.000
Plant and Equipments (net)	466,800	Retained Earnings	253,200
Total	$ 897,600	Total	$ 897,600

Fair value of S Companys assets and liabilities were equal to their book values except for the following:

Inventory has a fair value of $126,000

Land has a fair value of $198,000

The bonds pay interest semiannually on June 30 and December 31. The current yield rate on bonds of similar risk is 8%

Required:

Prepare journal entry on P Companys books to record the acquisition of the assets and assumption of the liabilities of S Company.