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

Homepage Corporation

Balance Sheet

December 31, 20X5

AssetsLiabilities and Equity

Current assets.... $ 40,000Current Liabilities..........$ 60,000

Land..............20,000Capital Stock (50,000 shares,

Buildings (net)...80,000$1 par value)................50,000

Equipment (net)...60,000Other Paid-in Capital........20,000

Retained Earnings............. 70,000

$200,000$200,000

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Internet also acquired the following fair values for Homepage's assets and liabilities:

Current assets.........................................$ 55,000

Land...................................................60,000

Buildings (net)........................................90,000

Equipment (net)........................................75,000

Current Liabilities....................................(60,000)

$220,000

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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 direct 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 costs.

I think I have the answers, can you show work for finding the common stock and other paid in capital amount in part B journal entry please

Thank you!