Also explain where you get the numbers from.

This is the only information I have been given.

P2.1 Acquisition Entries, Various Types of Combinations, Acquisition Costs Plastic Corporation is contemplating a business combination with Steel Corporation at December 31, 2018. Steel's condensed balance sheet on that date appears below: Assets Book Value Fair Value Cash and receivables... Inventory............... Equity method investments Land ................... Buildings and equipment.... Patents. $ 35,000 35,000 18.000 8,000 7,000 5,000 $108,000 $35,000 45,000 20,000 11,000 14,000 10,000 Total assets .................................... . Liabilities and Shareholders' Equity $ 22,000 Liabilities................................................ Common stock. .... Retained earnings ...... Total liabilities and equity....... $ 22,000 50,000 36,000 $108,000 Required Prepare the journal entry to record the business combination of Plastic and Steel for each of the following acquisition costs and combination methods. Required Prepare the journal entry to record the business combination of Plastic and Steel for each of the following acquisition costs and combination methods. a. Plastic merges with Steel by acquiring all of Steel's stock for $250,000 cash, in a merger. Other direct cash acquisition costs are $20,000. Chapter 2 . Mergers and Acquisition b. Plastic merges with Steel by acquiring all of Steel's stock for $110,000 cash, in a merger. Other direct cash acquisition costs are $5,000. c. Plastic acquires all of Steel's stock for $275,000 cash, in a stock acquisition. Other direct cash acqui- sition costs are $15,000