On January 1, 2016, Honey Bee Corporation Purchased the Net

Essay

On January 1, 2016, Honey Bee Corporation purchased the net assets of Green Hornet Company for $1,500,000.On this date, a condensed balance sheet for Green Hornet showed:
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$\begin{array}{lrr}& \text { Book } & \text { Fair } \\& \text { Value } & \text { Value } \\\text { Current Assets } & \$ 500,000 & \$ 800,000 \\\text { Long-Term Investments in Securities } & 200,000 & 150,000 \\\text { Land } & 100,000 & 600,000 \\\text { Buildings (net) } & \underline{700,000} & 900,000\\&\$1,500,000\\\\\text { Current Liabilities } & \$ 300,000 & \$ 300,000 \\\text { Long-Term Debt } & 550,000 & 600,000 \\\text { Common Stock (no-par) } & 300,000 & \\\text { Retained Earnings } & 350,000 & \\& \$ \underline{1,500,000} & \end{array}$ Required:
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Record the entry on Honey Bee's books for the acquisition of Green Hornet's net assets.?