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In 2018, Evan Company spent $3,900,000 to acquire 100% of theoutstanding stock of Haven Company, i.e., Evan bought Haven. As aresult of the acquisition, Evan took over 100% of Haven’s assetsAND Even became responsible for 100% of Haven’s liabilities. At thetime of the purchase, Haven’s balance sheet reflected thefollowing:Cash $ 300,000Accounts receivable,net 1,300,000Investments 900,000Property, plant, and equipment,net 1,100,000TOTALASSETS $3,600,000Accounts payable and accruedliabilities $ 750,000Bondspayable 1,250,000Common stock, $1 parvalue 60,000Additionalpaid-in-capital 800,000Retainedearnings 740,000TOTAL LIABILITIES &SE $3,600,000At the time of the purchase, Evan identified the following:The fair value of Haven’s assets equaled their book valueEXCEPT FOR the investments and the PP&E. The fair value of theinvestments was $1,200,000 while the fair value of the PP&E was$1,500,000.The fair value of Haven’s liabilities equaled their book valueEXCEPT FOR the bonds payable. The fair value of the bonds payablewas $1,200,000.Haven possessed an internally-developed customer list that Evanvalued at $60,000.Haven possessed an internally-developed patent that Evan valuedat $300,000.Prepare the entry Evan should make to reflect the purchase ofHaven.