IL. PROBLEM QUESTIONS the acquisition of Homepage Corporation and has obtained the A.Internet Corporation is considering acquisi following audited condensed balance sheet: Homepage Corporation Balance Sheet December 31. 20x5 Asscts Current assets Land Buildings (net) Equipment (net) Liabilities and Equity s 60,000 40,000 Current Liabilities 20,000 Capital Stock (50,000 80,000 60,000 Other Paid-in Capital 50,000 20,000 70,000 $200.000 shares, S1 par value) Retained Earnings $200,000 Internet also acquired the following fair values for Homepage's assets and liabilities Current assets Land Buildings (net) Equipment (net) Current Liabilities s 55,000 60,000 90,000 75,000 $220,000 Internet and Homepage agree on a price of $280,000 for Homepage's net assets. Prepare the necessary journal entry to record the purchase given the following scenarios: 1. Internet pays cash for Homepage Corporation and incurs $5,000 of direct acquisition costs 2. Internet issues its $5 par value stock as consideration. The fair value of the stock at the date is $50 per share. Additionally, Internet incurs $3,000 of security issuance costs