I am having trouble with getting the correct answer. I've gotten most of the problem complete but part 4 my balance sheet isn't balancing. Please help. please let me know what I did wrong

Problem

The Bird Company is purchasing the Fish Sail Company.

The Fish Sail Company's Balance Sheet information on June 30, 2018 is as follows:

Assets

Cash $ 43,600

Accounts Receivable 55,800

Inventories 141,000

Land 95,000

Building, net 368,000

Equipment, net 39,760

Patent 55,000

Trademark 5,000

Total Assets $803,160

Liabilities

Accounts Payable $ 77,440

Stockholders' Equity

Common Stock $600,000

Retained Earnings 125,720

Total Liabilities and

Stockholder's Equity $803,160

Bird Company will pay $800,000 cash down, sign and issue a Note Payable to Fish

Sail Company in the amount of $500,000, and assume the Accounts Payable. All

assets listed in the balance sheet will be acquired by Bird Company at their listed

amounts, with the exception of the following assets which will be acquired at their

agreed fair values as follows:

Inventories $175,300

Land $145,000

Building $502,000

Patent $85,000

Trademark $25,000

Solve

1.Prepare the journal entries on Bird Company's books to record the purchase.

2.Prepare the journal entry on Fish Sail Company's books to record the sale.

3.Prepare list of the specific components of the gain for Fish Sail Company.

4.Prepare the Balance Sheet for Fish Sail Company as of June 30, 2018

immediately after the sale to Logan Company.

My answers

1.

Balance sheet Assets Current assets Cash $43,600 Accounts receivable $55,800 Inventories $175,300 Patent $85,000 Trademark $25.000 Property, Plant and Equipment Land 145,000 Building 502,000 Equipment 39,760 $686.760 Other assets Goodwill $305.980 Total Assets $1,377,440.00 Liabilities and Stockholders equity Current liabilities Accounts payable $77.440 Notes payable 500,000 Total current liabilities $577,440.00 Stockholders' equity Common stock $600,000 Retained earnings 125,720 725,720 Total liabilities and stockholders' equity $1,303,160.00Journal entry for Fish Sail company Cash $800.000 Notes payable 500.000 Accounts Payable 77.440 Cash $43.600 Accounts receivables 55.800 Inventories 175.300 Land 145.000 Building 502,000 Equipment 39.760 Patent 85.000 Trademark 25,000 Goodwill 305.9801. Assets Cash $43,600 Account receivables 55,800 Inventories 175,300 Land 145,000 Building 502,000 Equipment 39,760 Patent 85.000 trademark 25,000 Net assets $1,071,460.00 Land, Inventories, Building, patent, trademark are changed because of the agreed fair values Sale price $1,300,000 Net assets at fair value 994.020 Goodwill to be recorded $305,980 Sales price = 800,000 + 500,000(issued notes payable to Fish sail) = 1,300,000 Labilities = accounts payable $77,440 Fair value = Net assets minus total liabilities 1,071,460 -77,440 = 994,020 Journal Entries Bird company Cash $43,600 Accounts receivables 55.800 Inventories 175,300 Land 145.000 Building 502,000 Equipment 39.760 Patent 85,000 Trademark 25,000 Goodwill 305.980 Accounts payable $77,440 Notes payable 500,000 Cash 800.000