Power Company purchased Sark Corporation's net assets on January 3, 20X2 for 5625,000 cash. In addition, Power incurred 55.000 of direct costs in consummating the combination At the time of acquisition, Sark reported the following historical cost and current market data Book Value Fair Value $ 50,000 100,000 200,000 550.000 150,000 300,000 200,000 $700,000 $350,000 Balance Sheet Item Assets Cash & Receivables Inventory Buildings & Equipment (het) Patent Total Assets Liabilities & Equities Accounts Payable Common Stock Additional Paid In Capital Retained Earnings Total Liabilities & Equities $ 30,000 $30,000 100.000 30,000 140,000 $350,000 Required: Prepare the journal entry or entries with which Power recorded its acquisition of Sark's net assets. (if no entry is required for transaction/event, select "No Journal entry required in the first account field.)