Exercise $1-13($Static$)$ Acquisition Using Debentures LO $1-5$

Planter Corporation used debentures with a par value of $$625,000$ to acquire $100$ percent of Sorden Company's net assets on January

$1,202.$ On that date, the fair value of the bonds issued by Planter was $$608,000.$ The following balance sheet data were reported by

Sorden:

Required:

Prepare the journal entry that Planter recorded at the time of exchange.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.