P Company acquired the assets and assumed the liabilities of S Company on January 1, 2013, for $510,000 when S Companys balance sheet was as follows:

S COMPANY Balance Sheet January 1, 2013
Cash		$96,000
Receivables		55,200
Inventory		110,400
Land		169,200
Plant and equipment (net)		466,800
Total		$897,600
Accounts payable		$44,400
Bonds payable, 10%, due 12/31/2018, Par		480,000
Common stock, $2 par value		120,000
Retained earnings		253,200
Total		$897,600

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

1.		Inventory has a fair value of $126,000.
2.		Land has a fair value of $198,000.
3.		The bonds pay interest semiannually on June 30 and December 31. The current yield rate on bonds of similar risk is 8%.

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

Account Titles and Explanation	Debit	Credit