32.On December 31, 2015, Alpha Corporation acquired Tower Corporation by paying $100,000 in cash, and issuing 40,000 shares of its $2 par value common stock, for 100% of Tower Corporation's common stock. Alpha Corporation's common stock had a fair value of $5 per share on December 31, 2015. Alpha Corporation also paid $20,000 cash to a public accounting firm for services in negotiating the combination and $4,000 cash to a stockbroker for services in issuing the shares of Alpha Corporation common stock. The following information was available before the combination. Both companies continued to exist after the combination. Book Value and Fair Value at December 31, 2015 Account Alpha Tower Tower Book Value Book Value Market Value Cash $125,000 $29,000 $29,000 Accounts Receivable 242,000 40,000 40,000 Equipment (10 year life) 302,000 120,000 170,000 Bonds Payable (5 years) 187,000 32,000 32,000 Common Stock 240,000 37,000 Additional Paid-in Capital 120,000 85,000 Retained Earnings 122,000 35,000 Alpha uses the sophisticated equity method to account for its investment in Tower. . Prepare the journal entries that Alpha would make to record its investment in Tower (include all entries related to this acquisition). Prepare the worksheet journal entries necessary for Alpha to prepare a consolidated balance sheet for December 31, 2015.Additional information for Tower 2016 Net Income 70,000 Dividends 10,000 Alpha uses the sophisticated equity method to account for its investment in Tower. . Prepare the Journal Entries that Alpha would make during 2016 relating to its investment in Tower. . Prepare the worksheet journal entries necessary for Alpha to prepare consolidated financial statements for December 31, 2016