Conglomerate Company purchased Individual Company for $935,000 cash. A schedule of the fair values of Individual's assets and liabilities as of the purchase date follows.

1. Make the journal entry necessary for Conglomerate Company to record the purchase.
2. Assume that the purchase price is $445,000 cash. Make the journal entry necessary to record the purchase.

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Individual Company Schedule of Asset and Liability Fair Values Assets 12,000 96,x Inventory land, buiklievi, antl cxyǐ(#nat .i19JXX) $712,00() Liabilities 16,000 91,000