Saveed Corporation purchased the net assets of Penny Inc. on January $2,2011$ for $$1,690,000$ cash and paid $$15,000$ in direct acquisition costs. Penny dissolved as of the date of the acquisition. Penny's balance sheet on January $2,2011$ was as follows:Accounts receivable$-$net $190,000$Inventory $480,000$Land $10,000$Building $-$ net $630,000$Equipment$-$net $240,000$Total assets $1,650,000$Current liabilities $235,000$Long term debt $650,000$Common stock $($$$1$ par$)25,000$Paid$-$in capital $150,000$Retained earnings $590,000$Total liab. & equity $$1,650,000$Fair values agree with book values except for inventory, land, and equipment, which have fair values of $$640,000,$ $$140,000$ and $$230,000,$ respectively. Penny has customer contracts valued at $$20,000.$Required:Prepare Saveed's general journal entry for the cash purchase of Penny's net assets