Power Company purchased Sark Corporation's net assets on January 3, 20X2, for $633,000 cash. In addition, Power incurred $11,000 of direct costs in consummating the combination. At the time of acquisition, Sark reported the following historical cost and current market data: Balance Sheet Item Assets Cash & Receivables Inventory Buildings & Equipment (net) Patent Total Assets Liabilities & Equities Accounts Payable Common Stock Additional Paid-In Capital Retained Earnings: Total Liabilities & Equities Book Value Fair Value $ 64,000 113,000 213,000 $ 64,000 169,000 $390,000 $ 29,000 94,000 78,000 189,000 $390,000 316,000 206,000 $755,000 $ 29,000 Required: Prepare the journal entry or entries with which Power recorded its acquisition of Sark's net assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list A Record the payment of merger costs. B Record the acquisition of Sark Corporation's net assets.