Question H5 The Logan Company is purchasing the Nylon Sall Company. The Nylon Sall Company's Balance Sheet Information on June 30, 2020 is as follows: Logan Company will pay 8800,000 cash down, sign and issue a Note Payable to Nylon Sail Company in the amount of $350,0000, and assume the Accounts Payable. AIf assets listed in the balance sheet will be acquired by Logan Company at their listed amounts, with the exception of the following assets which will be acquired at their agreed fair values as follows: Inventories $145,000 Land $175,300 Building $515,800 Patent 582,300 Trademark $15,000 Requireds 1. Prepare the joumal entries on Logan Company's books to record the purchase. 2. Prepare the journal entry on Nylon Sail Company's books fo record the sale. 3. Prepare a list of the specific components of the gain for Nylon Sail Company. 4. Prepare the Balance Sheet for Nylon Sail Company as of June 30, 2020 immediately after the sale to Logan Company