Sheffield Corporation purchased the net assets of Sunland Corporation on January 2, 2020 for $666,400 and also paid $23,800 in direct acquisition costs. Sunland's balance sheet on January 1, 2020 was as follows:
Accounts receivable-net: $214,200
Current liabilities: $83,300
Inventory: $428,400
Long-term debt: $190,400
Land: $47,600
Common stock ($1 par): $23,800
Building-net: $71,400
Paid-in capital: $511,700
Equipment-net: $95,200
Retained earnings: $47,600
Total assets: $856,800
Total liabilities & equity: $856,800
Fair values agree with book values except for inventory, land, and equipment, which have fair values of $468,400, $57,600, and $85,200, respectively. Sunland has patent rights valued at $23,800.
Prepare Sheffield's general journal entry for the acquisition.