Please solve using GAAP

Company X purchased the identifiable net assets of Credit Company by paying $l, 385,000 in cash and issuing a$440,000 note payable to the founder of the company, Mr. Will U. Credit. At January 1, 2015, the balance sheet of Credit Company was as follows: The recorded book values all approximate current fair values except for land (worth $354,000), buildings (worth ($692,000), and merchandise inventory (worth $305,000), Mr. Credit is keeping the cash. Prepare the January 1 entry Company X made to record the purchase