Hile SUC Question 11 Not yet answered Marked out of 1.00 Flag question Shark Company acquired the assets (Except for Cash) and assumed the liabilities and Kingfish Company. Immediately prior to the acquisition, Kingfish Company's balance sheet was as follows: Book Value Fair Value Cash 100,000 200,000 Receivable (Net) 150,000 200,000 Inventory 400,000 300,000 Plant and Equipment(net) 480.000 400,000 Land 420,000 600,000 Total Assets 1,550,000 1,700,000 Liabilities 500.000 500.000 400.000 Common Stock (OMR 5 at pan) Other contributed capital 100,000 Retained eamings 550.000 11 550.000 Other contributed capital Retained earnings 100,000 550,000 1,550,000 Required: a) Prepare the journal entries on the books of Shark Company to record the purchase the assets and assumption of the liabilities of Kingfish Company if the amount paid was OMR 800,000 in cash Select one: O a Capital reserve OMR 400,000 O b. Goodwill OMR 400,000 O c Goodwill OMR 200,000 d. Capital reserve OMR 200,000