Balance Sheet (prior to business combination) October 31,2017 ssets $60.000 Cash Other current assets Plant assets (net) Total assets 420,000 920,000 S 1400.000 Liabilities and Stockholders' Equity Current liabilities Long-term debt Common stock, $5 par Additional paid-in capital Retained earnings Total liabilities and stockholders equity S 180,000 250,000 200,000 320,000 S 1400.000 Combinor Corporation's board of directors established the following current fair values for Combinee's identifiable net assets other than cash: Other current assets Plant assets (net) Current liabilities Long-term debt S 500,000 1,000,000 180,000 240,000 Combinor Corporation's board of directors established the following current fair values for Combinee's identifiable net assets other than cash: Other current assets Plant assets (net) Current liabilities Long-term debt S 500,000 1,000,000 180,000 240,000 issued 100,000 shares of its common stock for all the net assets of Combinee in a business combination. Also, on October 31, 2017 Combinor paid the following out-of-pocket costs in connection with the combination: Finder's fee, accounting fees, and legal fees to effect combination Costs associated with SEC registration statement Total out-of-pocket costs of business combination S 180,000 120,000 $300,000 Instructions Prepare journal entries for Combinor Corporation on October 31, 2017, to record the business combination with Combinee Company. (Disregard income taxes.)