Exercise 3-10A Patel Company issued 93,650 shares of $1 par value common stock (market value of $6/share) for 95% of the common stock of Seely Company on January 1, 2014. Seely Company had the following assets, liabilities, and owners' equity at that time: Cash Accounts receivable Inventory (LIFO) Land Plant assets (net) Total assets Book Value/Tax Basis $18,500 112,480 79,300 27,950 386,130 $624,360 Fair Value $18,500 112,480 131,340 55,130 450,520 $767,970 Difference $-0 -0- 52,040 27,180 64,390 $143,610 $9,720 48,890 162,630 $-0- -0- 18,170 Allowance for uncollectible accounts Accounts payable Bonds payable Common stock, $1 par value Other contributed capital Retained earnings Total equities $9,720 48,890 180,800 84,400 132,320 168,230 $624,360 Prepare the stock acquisition entry on the books of Patel Company, taking into account tax effects. Assume an income tax rate of 30%. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Income Tax Payable X Income Tax Payable X Deferred Tax Liability Click if you would like to Show Work for this question: Open Show Work