(b) A merger was affected on 14 March, 2019 whereby Chaudhary Textile Mills took over the assets and assumed the liabilities of the Malik Textile Mills for total consideration of Rs. 230,000,000, paying 194,000,000 cash and 300,000 shares of its stock that have a market value of Rs 120 per share on the date of acquisition. The Malik Textiles Mills Balance Sheet on the date of merger is as follows: Current Assets Rs 48,000,000 Current Liabilities Rs 18,000,000 Plant and Equipment 120,000,000 Long Term Debt 35,000,000 Share Capital, Par Rs 10 50,000,000 Share Premium 35,000,000 Retained earnings 30.000.000 Total Assets R$ 168,000,000 Total Liabilities & Stockholder equity 168.000.000 The Chaudhary Textiles Mill Ltd.'s shares have a par value of Rs 10, Required: Give the entries that should be made on the books of the Malik Textile Mills and on the books of Chaudhary Textiles Mill Ltd. in recording the merger. (7) II. How should the cash and the shares of the Chaudhary Textiles Mill Ltd. be distributed among the shareholders of the Malik Textiles Mill? Give your working (3)