You are considering the purchase of Sports Experts. The following information is available at December 31, 2021: Liabilities and Shareholders' Equity Assets Cash Land Equipment Building (net) Copyright (net) 120,000 65,000 193,000 236,000 87,000 Account payable Long-term notes payable Total liabilities 88,000 346,000 434,000 Total assets 701,000 Common shares Retained Earnings 200,000 67,000 267,000 Total liabilities and Shareholders' equity 701,000 Land is undervalued by $30,000 and equipment is overvalued by $6,000. Sports Experts agrees to sell the company for $394,000. Required: Prepare the journal entry to record the purchase of the company's net assets on your company's books. Show all calculations