Gianna Corp. acquires the net assets of James Company, which has the following balance sheet:

Accounts Receivable	$ 50,000
Inventory	80,000
Equipment, Net	50,000
Land & Building, Net	120,000
Total Assets	$300,000
Bonds Payable	$ 90,000
Common Stock	100,000
Retained Earnings	110,000
Total Liabilities and Stockholders' Equity	$300,000

Fair values on the date of acquisition:

Accounts receivable	$ 50,000
Inventory	100,000
Equipment	30,000
Land and building	180,000
Customer list	30,000
Bonds payable	100,000
Acquisition costs:	$ 10,000

If Gianna paid $300,000 what journal entries would be recorded by both Gianna Corp. and James Company?

2. Anthony Company had the following summarized balance sheet on December 31 of the current year:

Assets
Accounts receivable	$ 350,000
Inventory	450,000
Property and plant (net)	600,000

Total	$1,400,000
Liabilities and Equity
Notes payable	$ 600,000
Common stock, $5 par	300,000
Paid-in capital in excess of par	400,000
Retained earnings	100,000
Total	$1,400,000

The fair value of the inventory and property and plant is $600,000 and $850,000, respectively.

Assume that Amanda Corporation exchanges 75,000 of its $3 par value shares of common stock, when the fair price is $20 per share, for 100% of the common stock of Anthony Company. Amanda incurred acquisition costs of $5,000 and stock issuance costs of $5,000.

Required:

a.	What journal entries will Amanda Corporation record for the investment in Anthony and issuance of stock?
b.	Prepare a supporting value analysis and determination and distribution of excess schedule
c.	Prepare Amanda's elimination and adjustment entry for the acquisition of Anthony