Planter Corporation used debentures with a par value of $577,000 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 $561,000. The following balance sheet data were reported by Sorden:

Balance Sheet Item	Historical Cost					Fair Value
Assets
Cash & Receivables		$	63,000				$	56,000
Inventory			118,000					202,000
Land			62,000					103,000
Plant & Equipment			405,000					302,000
Less: Accumulated Depreciation			(150,000	)
Goodwill			19,000
Total Assets		$	517,000				$	663,000
Liabilities and Equities
Accounts Payable		$	41,000				$	41,000
Common Stock			97,000
Additional Paid-In Capital			50,000
Retained Earnings			329,000
Total Liabilities & Equities		$	517,000

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