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

Balance Sheet Item	Historical Cost	Fair Value
Assets
Cash and Receivables	$ 54,000	$ 37,000
Inventory	100,000	147,000
Land	40,000	26,000
Plant and Equipment	413,000	346,000
Less: Accumulated Depreciation	(155,000)
Patent		117,000
Total Assets	$ 452,000	$ 673,000
Liabilities and Equities
Accounts Payable	$ 78,000	$ 83,000
Common Stock	196,000
Additional Paid-In Capital	18,000
Retained Earnings	160,000
Total Liabilities and Equities	$ 452,000

Required:

Planket acquired Spur Corporations assets and liabilities for $688,000 cash on December 31, 20X1. Give the entry that Planket made to record the purchase.