Tweeden Corporation is contemplating the acquisition of the net assets of Sylvester Corporation in anticipation of expanding its operations. The balance sheet of Sylvester Corporation on December 31, 2011, is as follows:

An appraiser for Tweeden determined the fair values of Sylvester€™s assets and liabilities to be as shown below.

The agreed-upon purchase price is $580,000 in cash. Acquisition costs paid in cash total $20,000.
Required
Using the above information, do value analysis and prepare the entry on the books of Tweeden Corporation to acquire the net assets of Sylvester Corporation on December 31, 2011.

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Sylvester Corporation Balance Sheet December 31, 2011 Current assets: Notes receivable Accounts receivable Inventory Other current assets. .. 24,000 56,000 31,000 18,000 Current liabilities: Accounts payable Payroll and benefit-related liabilities 2,500 45,000 Debt maturing in one year 10,000 Total current assets $129,000 Total current liabilities.. 67,500 65,000 Fixed assets: $ 32,000 245,000 387,000 Other liabilities: Longterm debt Payroll and benefit-related liabilities $248,000 156,000 2 Building... Equipment Total fixed assets Intangibles: Patents rade names----.. 664,000 Total other liabilities Stockholders' equity: Common stock Paid-in capital in excess of par Retained earnings 404,000 45,000 23,000 10,000 $100,000 250,000 14,500 Total intangibles Total assets 78,000 Total equity $936,000 Total liabilities and equity 464,500 $936,000 . Assets Liobilities 24,000 Accounts payable Notes receivable Accounts receivable Inventory Other current assets 12,500 10,000 248,000 .. . 56,000 30,000 15,000 63,000 Payroll and benefitrelated liabilities-current Debt maturing in one year.... Land Building... Equipment.. . Goodwl. Patents. Trade names. . 55,000 Longterm debt .275,000 ..426,000 Payrollad benefitrelated liabilities-long-term 156,000 ..20,000 15,000