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6. Houston Company reports the following summarized balance sheet on the date that it is acquired by Omaha, Inc.: Current Assets $50,000 Current Liabilities $60,000

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6. Houston Company reports the following summarized balance sheet on the date that it is acquired by Omaha, Inc.: Current Assets $50,000 Current Liabilities $60,000 Property, plant, & equipment 85,000 Long-Term Liabilities 18,000 Stockholders' Equity 57,000 Total Assets $135,000 Total liabilities and equity $135,000 Omaha acquired Houston for $57,000 cash. Required: a. Prepare the journal entry if Omaha acquires all of the individual assets and liabilities of Houston in the business combination. b. Prepare the journal entry if Omaha buys 100% of Houston's common stock

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