2. Stevens Company had the following summarized balance sheet on December 31 of the current year: Assets Accounts receivable $ 350,000 Inventory 450.000 Property and plant (net) 600.000 Total $1,400.000 Liabilities and Equity Notes payable $ 600,000 Common stock, SS par 300,000 Paid-in capital in excess of par 400,000 Retained earnings 100.000 Total $1,400,000 The fair value of the inventory and property and plant is $600,000 and $850,000, respectively. Assume that Phillips Corporation exchanges 75,000 of its $3 par value shares of common stock, when the fair price is $20 per share, for 100% of the common stock of Stevens Company. Phillips incurred acquisition costs of $5,000 and stock issuance costs of $5,000. Required: What journal entries will Phillips Corporation record for the investment in Stevens including the investment entry and the entries for acquisition costs and issuance of stock? 10 points b. Prepare a supporting value analysis and determination and distribution of excess schedule. 25 points c. Prepare Phillips' elimination (EL) and adjustment entry (D) for the acquisition of Stevens. 15 points