Allerton Company acquires all of Deluxe Company$$s assets and liabilities for cash on January $1,2024,$ and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts:

Items Book Values Fair Values

Current assets $ $10,750$ $ $10,750$

Building $104,25054,950$

Land $34,25049,050$

Trademark $037,900$

Goodwill $28,000?$

Liabilities $(42,250)(42,250)$

Common stock $(100,000)0$

Retained earnings $(35,000)0$

Required:

a$.$ and b$.$ Prepare Allerton$$s journal entry to record its acquisition of Deluxe in its accounting records assuming the following cash exchange amounts: $$137,000$ and $$88,000.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

A$)$ Record the acquisition of Deluxe assuming the cash exchange of $$137,000.$

B$)$Record the acquisition of Deluxe assuming the cash exchange of $$88,000.$