Answer to both parts of the question, "Prepare the acquisition entry and the balance sheet"

Post-Combination Balance Sheet: Merger and Stock Acquisition Presented below are the balance sheets of Allen Corporation and Benson Corporation, immediately prior to a business combina- tion. The fair values of Benson's reported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $200.000 LO1 Allen Corp. Benson Corp. Cash. . 600,000 ..1,200,000 $2,800,000 50,000 150,000 400,000 Total assets . . . . .. . . $600,000 300,000 600,000 200,000 900,000 800,000 $100,000 250,000 100,000 Common stock Additional paid-in capital 50,000 100,000 $2,800,000 $600,000 Required a. Prepare the acquisition entry and the balance sheet of Allen Corporation after each of the following business combinations: (1) Allen acquires Benson for $800,000 cash in a transaction recorded as a merger. (2) Allen acquires Benson for $800,000 cash in a transaction recorded as a stock acquisition