Sandstone Co. purchased Derby Co. for $2,500,000. The following schedule shows the market value of Derby’s assets and liabilities on the purchase date: Assets Cash $400,000 Receivables $300,000 Inventory $500,000 Land Buildings Equipment $1,100,000 Total Assets $2,300,000 Liabilities Current $150,000 Long-term $225,000 Total Liabilities $375,000 Net assets market value $1,925,000 Required: A. Make the journal entry to record the purchase. B. Make the journal entry if the purchase was for $1,725,000 C. Make the journal entry if the purchase was for $725,000