PLEASE NOTE, THIS QUESTION WAS PREVIOUSLY ANSWERED BUT THE ANSWER IS TOO CONFUSING. Please simplify I will upvote.

On December 31, 2019, Port Corporation acquired all of Ship Company's common shares, for $570,000 cash. On that date, Ship's balance sheet appeared as follows:

Assets					Liabilities
Cash	$	80,000			Current Payables	$	50,000
Accounts Receivables		40,000			Notes Payable		70,000
Inventory		100,000			Stockholders' Equity
Land		120,000			Common Stock		150,000
Buildings and Equipment (net)		260,000			Additional Capital		200,000
					Retained Earnings		130,000
Total	$	600,000			Total	$	600,000

The fair values of all of Ship's assets and liabilities were equal to their book values except for the following:

	Fair Value
Inventory		$	120,000
Land			150,000
Buildings and Equipment			300,000

In recording this acquisition, push-down accounting was used.

Required:

1. Record the acquisition of Ship's stock on Port's books on December 31, 2019