Planter Corporation used debentures with a par value of $569,000 to acquire 100 percent of Sorden Companys net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Planter was $553,000. The following balance sheet data were reported by Sorden:

Balance Sheet Item	Historical Cost	Fair Value
Assets
Cash and Receivables	$ 63,000	$ 53,000
Inventory	102,000	201,000
Land	64,000	101,000
Plant and Equipment	405,000	304,000
Less: Accumulated Depreciation	(158,000)
Goodwill	15,000
Total Assets	$ 491,000	$ 659,000
Liabilities and Equities
Accounts Payable	$ 40,000	$ 40,000
Common Stock	94,000
Additional Paid-In Capital	53,000
Retained Earnings	304,000
Total Liabilities and Equities	$ 491,000

Required:

Determine the amount Planter Corporation would record as a gain on bargain purchase and prepare the journal entry Planter would record at the time of the exchange.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.