Condensed balance sheets for Ask Company and Bay Company on January 1, 2019, are as follows: Current assets Plant and equipment (net) Total assets Total liabilities Common stock, OMR10 par value Other contributed capital Retained earnings (deficit) Total liabilities and equities Ask OMR 200,000 500,000 700,000 105.000 380,000 140,000 75,000 700,000 Bay OMR 90,000 160,000 250,000 35,000 170,000 53,000 (8,000) 250,000 On January 1, 2019, the stockholders of Ask and Bay agreed to a consolidation. It was agreed that Ask was acquiring Bay. Ask agreed to issue 20,000 shares of its OMR10 par stock to acquire all the net assets of Bay at a time when the fair value of Ask's common stock was OMR15 per share. On the date of consolidation, the fair values of Bay's current assets and liabilities were equal to their book values. The fair value of plant and equipment was, however, OMR170,000. Ask will incur OMR15,000 of direct acquisition costs and OMR5,000 in stock issue costs. Required: Prepare the journal entries on the books of Ask to record the acquisition of Bay Company's net assets