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Internet Corporation is considering the acquisition of Homepage Corporation and has obtained the following audited condensed balance sheet: Internet also acquired the following fair values

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Internet Corporation is considering the acquisition of Homepage Corporation and has obtained the following audited condensed balance sheet: Internet also acquired the following fair values for Homepage's assets and liabilities: 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: a. Internet pays cash for Homepage Corporation and incurs $5,000 of acquisition costs. b. Internet issues its $5 par value stock as consideration. The fair value of the stock at the acquisition date is $50 per share. Additionally, Internet incurs $5,000 of security issuance

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