Sheffidd Corporation purchased the net ansets of Suntand Corpcration on January 2,2020 for $666,400 and akso paid $23,800 in direct acquibition costs. Surland 's balance sheet on January 1, 2020 was as followx. (b) Assume Sheffeld Corporation purchased the net assets or Suriand Corporation for 5666,400 rather than 5606,400 . prepare the general joumal entry. (Credit occount titles are cutamobically indented when the amount is entered. Do not indent manualy. If no entry is required, select "No Entry" for the occount tibles and enter O Oor the omounts. List al debit entries before credit entries. Fair values agree with book values except for inventory, land, and equipment, which have fair values of $468,400,557,600 and $ 85.200 , respectively, Sunland has patent rights valued at $23,800. (3) Prepare Shefneld's general joumal entry for the cash purchase of Suriand 's net asets. (Credit occount teles are outomotically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credt entries. Sheffidd Corporation purchased the net ansets of Suntand Corpcration on January 2,2020 for $666,400 and akso paid $23,800 in direct acquibition costs. Surland 's balance sheet on January 1, 2020 was as followx. (b) Assume Sheffeld Corporation purchased the net assets or Suriand Corporation for 5666,400 rather than 5606,400 . prepare the general joumal entry. (Credit occount titles are cutamobically indented when the amount is entered. Do not indent manualy. If no entry is required, select "No Entry" for the occount tibles and enter O Oor the omounts. List al debit entries before credit entries. Fair values agree with book values except for inventory, land, and equipment, which have fair values of $468,400,557,600 and $ 85.200 , respectively, Sunland has patent rights valued at $23,800. (3) Prepare Shefneld's general joumal entry for the cash purchase of Suriand 's net asets. (Credit occount teles are outomotically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credt entries