1. Phillips Corp. acquires the net assets of Stevens Company, which has the following balance sheet: Accounts Receivable $ 50,000 Inventory 80,000 Equipment, Net 50,000 Land & Building, Net 120,000 Total Assets $300.000 Bonds Payable $ 90,000 Common Stock 100.000 Retained Earnings 110.000 Total Liabilities and Stockholders' Equity $300,000 Fair values on the date of acquisition: Accounts receivable $ 50.000 Inventory 100,000 Equipment 30,000 Land and building 180,000 Customer list 30,000 Bonds payable 100,000 Acquisition costs: $ 10,000 If Phillips paid $300,000 what journal entries would be recorded by both Phillips Corp. and Stevens Company? Include the entry for the acquisition costs. 50 points