On January 1, 20X3, More Products Corporation issues 12,000 shares of its \(\$ 10\) par value stock to acquire the net assets of Light Steel Company. Underlying book value and fair value information for the balance sheet items of Light Steel Company at the time of acquisition are as follows:

Light Steel shares were selling at \(\$ 18\) and More Products shares were selling at \(\$ 50\) just before the merger announcement. Additional cash payments made by More Corporation in completing the acquisition were:

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Prepare all journal entries to be recorded on More Products' books assuming the business combination is recorded as a purchase.

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Balance Sheet Item Book Value Fair Value Cash $ 60.000 $ 60.000 Accounts Receivable 100.000 100.000 Inventory (LIFO basis) 60.000 115.000 Land 50.000 70,000 Buildings and Equipment 400.000 350.000 Less: Accumulated Depreciation (150.000) Total Assets $520.000 $695.000 Accounts Payable Bonds Payable Common Stock ($5 par value) Additional Paid-In Capital $ 10.000 $ 10.000 200.000 180.000 150.000 70.000 Retained Earnings 90.000 Total Liabilities and Equities $520.000