Planter Corporation used debentures with a par value of $625,000 to acquire 100 percent of Sorden Company's net assets on January 1, 2002. On that date, the fair value of the bonds issued by Planter was $608,000. The following balance sheet data were reported by Sorden: Balance Sheet Item Cash & Receivables Historical Cost $ 55,000 Fair Value $ 50,000 Inventory 105,000 200,000 Land 60,000 100,000 Plant & Equipment 400,000 300,000 Less: Accumulated Depreciation (150,000) Goodwill 10,000 Total Assets $480,000 $650,000 Accounts Payable $ 50,000 $ 50,000 Common Stock 100,000 Additional Paid-In Capital 60,000 Retained Earnings 270,000 Total Liabilities & Equities $480,000 Required Give the journal entry that Planter recorded at the time of exchange.