Record Corporation CD Inc. acquires 100% of the outstanding shares of Record Corp. for $1,200,000 and accounts for the transaction using the purchase method. Record Corp's balance sheet at the date of acquisition appears below: Record, Corp Balance Sheet Acquisition Date Current Historical Market Cost Value Assets Cash $479,000 $489,000 Accounts Receivable 225,400 220,000 Inventory 98,900 105,000 Depreciable Assets less 554,700 600,000 Accumulated Depreciation Note Receivable 100,000 100,000 Goodwill Total Assets $1,458,000 Liabilities and Equities Accounts Payable $458,000 $458,000 Note Payable 325,000 325,000 Deferred Income Tax Liability 125,000 125,000 Shareholders' Equity 550,000 Total Liabilities and Equities $1,458,000