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Grand Champion Inc. purchased Americas Sweethearts Corporation on January 1, 2016. At the time, Americas...

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Accounting

Grand Champion Inc. purchased Americas Sweethearts Corporation on January 1, 2016. At the time, Americas Sweethearts had the following assets and liabilities (stated at fair value):

Cash $63,000

Accounts receivable 142,000

Inventory 185,000

Property, plant, and equipment 300,000

Patent 75,000

Accounts payable 180,000

Notes payable 325,000

Grand Champion paid $800,000 for Americas Sweethearts.

Required: Record the purchase by Grand Champion (General Journal).

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