The Logan Company is purchasing the Nylon Sail Company. The Nylon Sail Company's Balance Sheet information on June 30, 2020 is as follows: Assets Cash $ 43,600 Accounts Receivable Inventories 55,800 141,000 Land 95,000 Building, net 368,000 Equipment, net 39,760 Patent 55,000 Trademark 5,000 Total Assets $803,160 Liabilities Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Stockholder's Equity $ 59,750 $600,000 143.410 $803,160 Logan Company will pay $800,000 cash down, sign and issue a Note Payable to Nylon Sail Company in the amount of $350,000, and assume the Accounts Payable. All assets listed in the balance sheet will be acquired by Logan Company at their listed amounts, with the exception of the following assets which will be acquired at their agreed fair values as follows: Inventories $145,000 Land $175,300 Building $515,800 Patent $82,300 Trademark $15,000