Question 4 On January 1, 2017, AMI Corporation purchased the non-cash net assets of Sandhill Ltd. for $8,416,600. Following is the statement of financial position of Sandhill Ltd. from the company's year-end the previous day Sandhill Ltd Statement of Financial Position As at December 31, 2016 Cash Accounts receivable Inventory Property, plant, and equipment (net) Land $660,000 552,000 2,510,000 2,100,000 2,570,000 $8,392,000 $322,000 2,550,000 5,520,000 $8,392,000 Accounts payable Common shares Retained earnings As part of the negotiations, AMI and Sandhill agreed on the following fair values for the items on Sandhill's statement of financial position: 550,500 2,300,000 1,930,000 3,770,000 229,900 Accounts receivable Property, plant, and equipment Land Accounts payable Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Sandhill Ltd, assuming AMI paid cash for the net assets. (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 amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit