Spur Corporation reported the following balance sheet amounts on December 31, 20X1: Historical Cost Fair Value $ 57,000 115,000 47,000 414,000 (157,000) $ 39,000 145,000 30,000 339,000 Balance Sheet Item Assets Cash & Receivables Inventory Land Plant & Equipment Less: Accumulated Depreciation Patent Total Assets Liabilities and Equities Accounts Payable Common Stock Additional Paid-In Capital Retained Earnings Total Liabilities & Equities 125,000 $678,000 $ 476,000 $ 82,000 $ 77,000 180,000 19,000 200,000 $ 476,000 Required: Planket acquired Spur Corporation's assets and liabilities for $680,000 cash on December 31, 20X1. Give the entry that Planket made to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the acquisition of Spur Corporation's net assets