Spur Corporation reported the following balance sheet amounts on December 31, 20X1: Balance Sheet Item Assets Historical Cost Fair Value Cash & Receivables Inventory Land Plant & Equipment $ 59,000 109,000 45,000 $ 37,000 148,000 24,000 403,000 338,000 Less: Accumulated Depreciation (160,000) Patent Total Assets Liabilities and Equities Accounts Payable Common Stock 120,000 $ 456,000 $667,000 $ 71,000 $ 76,000 195,000 Additional Paid-In Capital Retained Earnings Total Liabilities & Equities 17,000 173,000 $ 456,000 Required: Planket acquired Spur Corporation's assets and liabilities for $681,000 cash on December 31, 20 to record the purchase. (If no entry is required for a transaction/event, select "No journal entry View transaction list Journal entry worksheet < A Record the acquisition of Spur Corporation's net assets. Note: Enter debits before credits. Event 1 General Journal Debit Credit