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

Spur Corporation reported the following balance sheet amounts on December 31, 20 times 1: Required: Blanket acquired Spur Corporation's assets and liabilities for $687,000 cash on December 31. 20 times 1. Prepare the entry that Blanket made to record the purchase. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)