Fortune Corporation used debentures with a par value of 625 000
Fortune Corporation used debentures with a par value of $625,000 to acquire 100 percent of Sorden Company’s net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Fortune was $608,000. The following balance sheet data were reported by Sorden:


Required
Give the journal entry that Fortune recorded at the time ofexchange.
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