Spur Corporation reported the following balance sheet amounts on December 31, 20X1: Historical Cost Fair Value $ 51,000 109,000 43,000 415,000 (159,000) $ 36,000 141,000 21,000 341,000 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 111,000 $650,000 459,000 $ 76,000 $ 71,000 193,000 13,000 182,000 $ 459,000 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. View transaction list Journal entry worksheet A > Record the acquisition of Spur Corporation's net assets. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal