A new CEO was hired to revive the floundering Champion Chemical Corporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The board of directors and shareholders approved a quasi reorganization for the corporation. The reorganization included devaluing inventory for obsolescence by $120 million and increasing land by $5 million, Immediately prior to the restatement, at December 31, 2018, Champion Chemical Corporation's balance sheet appeared as follows (in condensed form) CHAMPION CHEMICAL CORPORATION Balance Sheet At December 31, 2018 (s in millions) Cash Receivables Inventory $ 25 46 290 46 96 s 503 $ 291 Land Buildings and equipment (net) Liabilities Comon stock (388 million shares at 51 par) 388 Paid-in capital excess of par Retained earnings (deficit) 98 266 $ 503 Required: 1. Prepare the journal entries appropriate to record the quas reorganization on January 1. 2019 2. Prepare a balance sheet as it would appear immediately after the restatement o)1.20m Complete this question by entering your answers in the tabs below