Planter Corporation used debentures with a par value of $625,000 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 $608,000. The following balance sheet data were reported by Sorden:

Balance Sheet Item	Historical Cost					Fair Value
Assets
Cash & Receivables		$	55,000				$	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
Liabilities and Equities
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: Prepare the journal entry that Planter recorded at the time of exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)