Global Corporation purchased the net assets of Local Company for $300,000 on December 31, 2018. The balance sheet of Local Company just prior to acquisition is: Assets Cost Fair Market Value Cash $ 15,000 $ 15,000 Receivables 10,000 10,000 Inventory 50,000 70,000 Equipment 80,000 130.000 Total $ 155,000 $225.000 Liabilities and Equity Accounts Payable $ 25,000 $ 25,000 Common Stock 100.000 Retained Earnings 30,000 Total $ 155,000 Account Name Debit Credit