Part B (4 marks). Harrow Incorporated acquired all of the assets and liabilities of Omega Corporation for $1,200,000 cash on January 1, 2020. The book values and fair values of the assets of Omega as of the date of acquisition were: Accounts receivable Inventory Property, plant, and equipment Land Book Value $150,000 225,000 300,000 200,000 Fair Value $150,000 350,000 550,000 400,000 In addition, Omega had liabilities totalling $320,000 at the date of acquisition (with the book value of liabilities equal to the fair value) and an internally developed patent not recognized in the accounts, estimated to have a fair value based on discounted cash flows of $75,000. Required: Prepare the journal entry necessary for Harrow Inc. to record the acquisition. It was determined that the value of all the assets are reasonable. Debit Credit 4