@TK39 

You really need the assistance of a CPA.  Was it a stock sale or an asset sale?  What is the breakdown of the purchase price?  Was there inventory?  Equipment?  Goodwill?  Non-compete?  Seller financing?  What assets were sold and the basis of those assets and any liabilities assumed and/or seller financing all go into how to record the transaction.  This really isn't the best forum for your question IMO.