* Question 2 On January 1, 2020, AMI Corporation purchased the non-cash net assets of Cullumber Ltd. for $8,318,900. Following is the statement of financial position of Cullumber Ltd. from the company's year-end the previous day: Cullumber Ltd. Statement of Financial Position As at December 31 2019 Cash $670,000 Accounts receivable 555,000 Inventory 2,580,000 Property, plant, and equipment (net) 2,160,000 Land 2.530,000 $8,495.000 Accounts payable $285,000 Common shares 2,610,000 Retained earnings 5,600,000 $8,495,000 As part of the negotiations, AMI and Cullumber agreed on the following fair values for the items on Cullumber's statement of financial position Accounts receivable $552,900 Inventory 2,360,000 Property, plant, and equipment 2,005,000 Land 3,580,000 Accounts payable 275,000 Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Cullumber Ltd, assuming AMT paid cash for the net assets. (If no entry is required, select "No Entry for the account titles and enter o for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debat Land Accounts payable 3,580,000 275,000 Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Cullumber Ltd, assuming AMI paid cash for the net assets. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Cullumber, AMI purchased all of the company's shares, instead. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit