Diamond Acquired Heart's Net Assets Fair Values on the Date of Acquisition

Diamond acquired Heart's net assets. At the time of the acquisition Heart's Balance sheet was as follows:
$\begin{array}{lr}\text { Accounts Receivable } & \$ 130,000 \\\text { Inventory } & 70,000 \\\text { Equipment, Net } & 50,000 \\\text { Building, Net } & 250,000 \\\text { Land \& Building, Net } & 100,000 \\\text { Total Assets } & \$ 600,000 \\& \\\text { Bonds Payable } & \$ 100,000 \\\text { Common Stock } & 50,000 \\\text { Retained Earnings } & 450,000 \\\text { Total Liabilities and Stockholders' Equity } & \$ 600,000\end{array}$ Fair values on the date of acquisition:
$\begin{array}{lr}\text { Inventory } & \$ 100,000 \\\text { Equipment } & 30,000 \\\text { Building } & 350,000 \\\text { Land } & 120,000 \\\text { Brand name copyright } & 50,000 \\\text { Bonds payable } & 120,000 \\\text { Acqui sition costs: } & \$ 5,000\end{array}$ Required:
Record the entry for the purchase of the net assets of Heart by Diamond at the following cash prices:
a.
$700,000
b.
$300,000