Brass Corporation agrees to acquire the net assets of Warn Corporation on January 1, 2011. Warn has the following balance sheet on the date of acquisition:

Assets Liabilities
Accounts Receivable $79,000 Current Liabilities $145,000
Inventory $112,000 Bonds Payable $100,000
Other Currnt Assets $55,000 Common Stock $200,000
Equipment (net) $294,000 Paid-in capital in $50,000
excess of par Trademark $30,000 Retained Earnings $75,000
Total Assets $570,000 Total L & E $570,000

An appraiser determines that in-process R&D exists and has an estimated value of $14,000. The appraisal indicates that the following assets have fair values that differ from their book values:

Inventory $120,000
Equipment $340,000
Trademark $30,000

Use value analysis to prepare the entry on the books of Brass Corporation to acquire the net assets of Warn Corporation under ach of the following purchase scenarios:

1. Purchase price is $550,000 and

2. Purchase price is $350,000.