A new CEO was hired to revive the foundering Heirloom Watch Corporation. The company had endured operating years, but confidence was emerging that better times were ahead. The board of directors and shareholders approved reorganization for the corporation. The reorganization included devoluing Inventory for obsolescence land by $10 million. Immediately before the restatement, at December 31, 2021. Heirloom Watch Corporation's balance sheet as follows (in condensed form Heirloom Watch Corporation Balance Sheet At December 31, 2021 (5 in millions) Receivables Inventory Land Buildings and equipment (net) Liabilities Common stock (648 million shares at 51 par) Additional paid-in capital Retained earnings (deficit) Required: 1. Prepote the journal entries appropriate to record the quas reorganization on January 2012 2. Prepare o balance sheet os it would appear immediately after the restatement Required 2 Prepare the journal entries appropriate to record the quasi-reorganization transaction/event, select No joumal entry required in the first account entered as 10).) Go here for editing options Make a quick change or start a creative project View transaction list Journal entry worksheet Record revaluation of inventory Note: Enter debits before credits General Journal Transaction HEIRLOOM WATCH CORPORATION Balance Sheet At January 1, 2022 ($ in millions) Assets Total assets Liabilities and stockholders' equity Liabilities Total Liabilities and Stockholders' Equity