Spur Corporation reported the following balance sheet amounts on December 31, 20X1:   Balance Sheet Item Historical Cost Fair Value   Assets               Cash & Receivables $ 59,000   $ 36,000     Inventory   105,000     145,000     Land   43,000     20,000     Plant & Equipment   417,000     333,000     Less: Accumulated Depreciation   (151,000 )         Patent         120,000           Total Assets $ 473,000   $ 654,000           Liabilities and Equities               Accounts Payable $ 69,000   $ 74,000     Common Stock   184,000           Additional Paid-In Capital   16,000           Retained Earnings   204,000                     Total Liabilities & Equities $ 473,000                     Required: Blanket acquired Spur Corporation's assets and liabilities for $671,000 cash on December 31, 20X1