South Company purchased North Company. South Company paid $550,000 cash and assumed all of North Companys liabilities. On the date of purchase, Norths books showed tangible assets of $500,000, liabilities of $20,000, and equity of $480,000. An appraiser assessed the fair market value of the tangible assets at $530,000 on the acquisition date. Which of the following journal entries would be required to record the purchase of North Company on South Company books?