SheffieldCorporation purchased the net assets of Sheridan Corporation on January 2,2020 for $660,800 and also paid $23,600 in direct acquisition costs. Sheridan 's balance sheet on January 1, 2020 was as follows: Fair values agree with book values except for inventory, land, and equipment, which have fair values of $464,800,$57,200 and $ 84,400 , respectively. Sheridan has patent rights valued at $23,600. Prepare Sheffield 's general journal entry for the cash purchase of Sheridan 's net assets. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Assume Sheffield Corporation purchased the net assets of Sheridan Corporation for $600,800 rather than $660,800, prepare the general journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)