In prepatation for a possible business combination, a team of experts from Power Boogle Musical made a thorough examination and audit of Shoot-Toot Tuba. They found that Shoot-Toot's assets and tiabilites were correctly stated except that they estimated uncollectible accounts at $1,800. The experts also estimated the market value of the inventory at $53,000 and the market value of the plant and equipment at $501,000. The business combination took place on January 1,20X6, and on that date Power Boogie Musical ecquired all the assets and liabilities of Shoot-Toot Tuba. On that date, Power Boogie's common stock was selling for $55 per share. Required: Record the combination on Power Boogie's books assuming that Power Bocgle issued 8,800 of its $10 par common shares in exchange for Shoot-Toot's assets and liabilities: Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Reccord the acquisition of Shodt-Toot Tuba's net assets. notel fruer detaes betore oredis