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Purchase of net assets On December 31, MAF purchased all of the outstanding stock of Kirk Enterprises for $350,000 cash. The assets and liabilities had the following fair values: Accounts receivable, $100,000; Office equipment, $10,000; Supplies, $1,000; Equipment, $24,000; Building, $250,000; Account payable, $75,000. Record the purchase of the net assets. Purchase of asset bundle. On December 31, MAF had the opportunity to purchase some used assets from a company that was going out of business. MAF paid $15,000 for the following items: Equipment inventory with a fair value of $15,000 Supplies with a fair value of $750 Office equipment with a fair value of $3,000 Record the purchase of the assets