Preston Company acquired the assets (except for cash) and assumed the liabilities of Saville Company. Immediately prior to the acquisition, Saville Companys balance sheet was as follows:

		Book Value		Fair Value
Cash		$122,900		$122,900
Receivables (net)		207,560		232,240
Inventory		361,510		389,840
Plant and equipment (net)		459,200		573,420
Land		417,050		617,650
Total assets		$1,568,220		$1,936,050
Current Liabilities		$526,250		$596,650
Common stock ($5 par value)		477,680
Other contributed capital		126,920
Retained earnings		437,370
Total equities		$1,568,220

(a)

Prepare the journal entries on the books of Preston Company to record the purchase of the assets and assumption of the liabilities of Saville Company if the amount paid was $1,567,060 in cash. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Cash Common Stock Gain on Business Combination Goodwill Inventory Land Liabilities Loss on Business Combination No Entry Other Contributed Capital Plant and Equipment Receivables Retained Earnings
Cash Common Stock Gain on Business Combination Goodwill Inventory Land Liabilities Loss on Business Combination No Entry Other Contributed Capital Plant and Equipment Receivables Retained Earnings
Cash Common Stock Gain on Business Combination Goodwill Inventory Land Liabilities Loss on Business Combination No Entry Other Contributed Capital Plant and Equipment Receivables Retained Earnings
Cash Common Stock Gain on Business Combination Goodwill Inventory Land Liabilities Loss on Business Combination No Entry Other Contributed Capital Plant and Equipment Receivables Retained Earnings
Cash Common Stock Gain on Business Combination Goodwill Inventory Land Liabilities Loss on Business Combination No Entry Other Contributed Capital Plant and Equipment Receivables Retained Earnings
Cash Common Stock Gain on Business Combination Goodwill Inventory Land Liabilities Loss on Business Combination No Entry Other Contributed Capital Plant and Equipment Receivables Retained Earnings
Cash Common Stock Gain on Business Combination Goodwill Inventory Land Liabilities Loss on Business Combination No Entry Other Contributed Capital Plant and Equipment Receivables Retained Earnings