Power Company purchased Sark Corporation's net assets on January 3, 20x2, for $625,000 cash. In addition, Power incurred $5,000 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 Balance Sheet Item Assets Cash & Receivables Inventory Buildings & Equipment (net) Patent $50,000 100,000 200,000 $ 50,000 150.000 300,000 200,000 $700,000 $350,000 $ 30.000 Total Assets Liabilities & Equities Accounts Payable Common Stock Additional Paid-In Capital Retained Earnings Total abilities & Equities $30,000 100,00 10,080 140,000 $350,000 Required: Prepare the journal entry or entries with which Power recorded its acquisition of Sark's net assets