Prepare the January 1 entry Dealmakee Loos made to recors the purchase

Problem 3 - Goodwill On January 1, 20X5, Dealmaker Loos purchased the net identifiable assets of Credit Company by paying $1,090,000 in cash and issuing a $350,000 note payable to the founder of the company, Mr. Will U. Credit. At January 1, 20X5, the balance sheet of Credit Company was as follows: Cash $ 54,000 Equipment $ 410,000 Investments 22,000 Accumulated Depr - Equipment (225,000) Receivables 150,000 Trademarks 10,000 Supplies Inventory 24,000 Goodwill 20,000 Merchandise Inventory 276,000 Accounts Payable 68,000 Land 253,000 Note Payable 192,000 Buildings 680,000 Common Stock 400,000 Accumulated Depr - Buildings (190,000) Retained Earnings 824,000 The recorded book values all approximate current fair values except for land (worth $283,000), buildings (worth $554,000), and merchandise inventory (worth $247,000). Mr. Credit is keeping the cash. Required: Prepare the January 1 entry Dealmaker Loos made to record the purchase - PAY attention to detail