Problem - CPA Corporation purchased the net assets of CMA Corporation on January 2, 2003 for $280,000 and also paid $10,000 in direct acquisition costs. CMA's balance sheet on January 1, 2003 was as follows:

Accounts receivable-net          $ 90,000           Current liabilities                      $ 35,000

Inventory                                 180,000          Long term debt                        80,000

Land                                        20,000            Common stock ($1 par)            10,000

Building-net                              30,000            Paid-in capital                         215,000

Equipment-net                          40,000            Retained earnings                   20,000

Total assets                              $360,000        Total liab. & equity                  $360,000

Fair values agree with book values except for inventory, land, and equipment, that have fair values of $200,000, $25,000 and $35,000, respectively. CMA has patent rights valued at $10,000.

Required: Prepare CPA's general journal entry for the cash purchase of CMA's net assets. Do not use implied fair value.