The Big Bopper wants to purchase Chantilly Lace, Inc. The following information is available for Chantilly from the balance sheet:

Accounts Receivable

$300,000$

Accounts Payable

$50,000$

Inventory

$100,000$

Note Payable

$200,000$

Building

$550,000$

Common Stock

$300,000$

Accumulated Depreciation

$(250,000)$

Retained Earnings

$150,000$

The Company estimates that the Accounts Receivable are worth $$275,000,$ the inventory is worth $$150,000,$ and the building is worth $$800,000.$ Everything else is worth its book value. The Bopper will pay $$1,200,000$ for Chantilly Lace. Record the journal entry for this purchase.