Pancor Corporation paid cash of $178,000 to acquire Sink Company's net assets on February 1, 20X3. The balance sheet data for the two companies and fair value information for Sink immediately before the business combination were: Pancor Corporation Book Value Sink Company Book Value Fair Value $ 240,000 140,000 170,000 80,000 380,000 (190,000) $ 820,000 $ 20,000 35,000 30,000 40,000 310,000 (200,000) $ 235,000 $ 20,000 35,000 50,000 60,000 150,000 $315,000 Balance Sheet Item Assets Cash Accounts Receivable Inventory Patents Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities & Equities Accounts Payable Notes Payable Common Stock: $10 par value $6 par value Additional Paid-In Capital Retained Earnings Total Liabilities & Equities $ $ 85,000 150,000 55,000 120,000 $ 55,000 120,000 200,000 160,000 225,000 $ 820,000 18,000 10,000 32,000 $ 235,000 Required: a. Prepare the journal entry recorded by Pancor Corporation when it acquired Sink's net assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list