Galaf Corporation acquired all the net assets of Jalahma Corporation directly from the shareholders by issuing 20,000 shares of its $10 par common stock (current fair value $20 a share). Galaf paid legal fees of $60,000 in connection with the combination The condensed balance sheet of Jalahma prior to the business combination, with related current fair value data, is presented below: Current Fair Values Jalahma Corporation (Combine) Balance Sheet (prior to business combination) December 31 2020 Carrying Amounts Assets $ 200,000 100,000 520,000 20.000 $ 840,000 Current assets Investment in securities Plant assets (net) Intangible assets (net) Total Assets $ 190,000 90,000 800,000 50,000 $ 1,130,000 Liabilities and Stockholder's Equity $400.000 40.000 $ 440.000 Current liabilities Long-term debt Total liabilities Common stock, $10 par Total stockholders' equity Total liabilities and stockholders' equity $ 300.000 60.000 $360,000 $ 280,000 $ 200.000 $ $40.000 Instruction: 1- Calculate the good well. (2.5 Pointa). 2- Prepare joumal entries ou December 31, 2020. for Galaf Corporation to record the business combination with Jalahma Company. Disregard income taxes. (5 Points)