Jernigan Corporation had the followien account balances at 12/31/23: Several of Jernigan's accounts have fair values that differ from book value. The fair values are: Land \$480,000; Building \$720,000; Inventory \$336,000; and Liabilities $396,000. Inglewood acquired all of the outstanding common shares of Jernigan by issuing 20,000 shares of common stock having a $6 par value per share, but a $66 fair value per share. Stock issuance costs amounted to $12,000. 1. Assume Jernigan ceases to exist as a separate entity, prepare the acquisition journal entries for Inglewood. 2. Assume Inglewood plans to maintain Jernigan's separate legal identity, prepare the acquisition journal entries for Inglewood