Balance sheet information for Seitz Corporation at January 1,2011 , is summarized as follinice Seitz's assets and liabilities are fairly valued except for plant assets that are undervalued by $200,000. On January 2, 2011, Pell Corporation issues 80,000 shares of its $10 par value common stock for all of Seitz's net assets and Seitz is dissolved. Market quotations for the two stocks on this date are: Pell pays the following fees and costs in connection with the combination: Instructions a Prepare the journal entry to record the acquistion of Seitz Corporation Problem 2(15 Points) Peterson Corporation purchased the net assets of Scarberry Corporation on January 2 , 2011 for $560,000 and also paid $20,000 in direct acquisition costs Scarberry's balance sheet on January 1, 2011 was as follows