Simple Purchasing Problem: Mautz Company is considering buying S&H enterprises, which has the following assets and liabilities. Make the journal entry to record the purchase of S&H if the purchase price is $4,620,000.

S&H Cost Fair Market Value Accounts Receivable 540,000 530,000 Inventory 1,420,000 1,500,000 Property, Plant, and Equipment 2,030,000 4,000,000 Accounts Payable (630,000) (630,000) Notes Payable (1,300,000) (1,300,000) Net Assets 2,060,000 4,100,000