2. Peter Piper Corp acquires Silly Suzy Corp for $420,000.00 Cash on 1/1/21. At the time of the purchase Silly Suzy Corporation had the following Balance Sheet:

Current Liabilities $90,000

Inventory 72,000 Bonds Payable 100,000

Land 60,000 Common Stock $1 par 20,000

Buildings 250,000 Paid in Capital 80,000

Accum Dep Blg (50,000) Retained Earnings 112,000

Equipment 100,000

Accum Dep-Equip (30,000)

Total $402,000 Total $402,000

FMV at Date of Acquisition:

Land $120,000

Buildings $300,000

Record the ASSET Acquisition on the Books of BOTH the Buyer and Seller.