Sunland Downhill Bikes manufactures high quality custom mountain bikes which are sold to some of the best professional riders in the

world. As its business continues to grow, it has agreed to purchase a competitor's business, Kusam Rides. Included in the terms of sale

is a requirement for Sunland to maintain the accounts and notes payable of Kusam Rides.

The carrying amounts and fair value of these identifiable assets and identifiable liabilities are:

The total carrying amount of $$458,200$ represents the net identifiable assets on Kusam Rides' financial statements. The total fair value

of $$504,600$ represents the fair value of the net identifiable assets. Using the fair value information above, Sunland agreed to purchase

the business for $$580,000$ on January $1.$

Record the purchase. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit

entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Jan. $1$