3. On January 1, 2020, Jack and Jill Companies had condensed balance sheets as shown below: pg.cn.265 Jack Jill Company Company Current Assets $1,000,000 S 500,000 Plant and Equipment (Net) 1.500,000 900,000 $2.500,000 $1,400,000 Current Liabilities $ 200,000 $ 175,000 Long-Term Debt 300,000 200,000 Common Stock, S5 par 1,400,000 400,000 Paid-in Capital in Excess of Par 100,000 Retained Earnings 600.000 500,000 $2,500,000 $1.400.000 Required: Record the acquisition of Jill's net assets, the issuance of the stock and/or payment of cash, and payment of the related costs. Assume that Jack issued 15,000 shares of new common stock with a fair value of S15 per share and paid $400,000 cash for all of the net assets of Jill. Acquisition costs of $25,000 and stock issuance costs of $10,000 were paid in cash. Current assets had a fair value of $525,000, plant and equipment had a fair value of $1,000,000, and long-term debt had a fair value of $190,000