Spur Corporation reported the following balance sheet amounts on December 31, 20X1:

Balance Sheet Item	Historical Cost					Fair Value
Assets
Cash & Receivables		$	53,000				$	32,000
Inventory			103,000					149,000
Land			47,000					25,000
Plant & Equipment			411,000					348,000
Less: Accumulated Depreciation			(160,000	)
Patent								115,000
Total Assets		$	454,000				$	669,000
Liabilities and Equities
Accounts Payable		$	74,000				$	79,000
Common Stock			195,000
Additional Paid-In Capital			15,000
Retained Earnings			170,000
Total Liabilities & Equities		$	454,000

Required: Planket acquired Spur Corporations 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.)