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A new CEO was hired to revive the floundering KokyCorporation. The company had endured operating losses for several years, but confidence was emerging that better times were ahead. The board of directors and shareholders approved a quasi-reorganization for the corporation. The reorganization included increasing building and equipment for obsolescence by $150 million and increasing inventory by $40 million. Immediately before the restatement, at December 31, 2018, Koky Corporation's balance sheet appeared as follows (in condensed form) Koky Corporation BALANCE SHEET At December 31, 2018 (S in millions) Cash $ 80 Receivables 100 Inventory 320 Land 1150 Buildings and equipment (net) 250 $1900 Liabilities $320 Common stock (500 million shares at $2 par) 1900 Additional paid-in capital 180 Retained earnings (deficit) (500) $1900 Required: 1. Prepare the journal entries appropriate to record the quasi- reorganization on January 1, 2019. 2. Prepare a balance sheet as it would appear immediately after the restatement 1-Jourmal entry(+-) Date Des Dr Cr 2