Journal entry worksheet Record the acquisition of Mason Company. Note: Enter debits before credits. Journal entry worksheet Record the related professional fees paid. Note: Enter debits before credits. Journal entry worksheet Record the stock acquisition costs. Note: Enter debits before credits. On January 1, 2024, Presidio Company acquired 100 percent of the outstanding common stock of Mason Company. To acquire these shares, Presidio issued to the owners of Mason $311,000 in long-term liabilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Presidio paid $24,500 to accountants, lawyers, and brokers for assistance in the acquisition and another $9,500 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: Note: Parentheses indicate a credit balance. Presidio's appraisal of Mason's fair values deemed three accounts to be undervalued: Inventory by $6,900, Land by $27,200, and Buildings by $31,400. Presidio plans to maintain Mason's separate legal identity and to operate Mason as a wholly owned subsidiary. Journal entry worksheet Record the acquisition of Mason Company. Note: Enter debits before credits. Journal entry worksheet Record the related professional fees paid. Note: Enter debits before credits. Journal entry worksheet Record the stock acquisition costs. Note: Enter debits before credits. On January 1, 2024, Presidio Company acquired 100 percent of the outstanding common stock of Mason Company. To acquire these shares, Presidio issued to the owners of Mason $311,000 in long-term liabilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Presidio paid $24,500 to accountants, lawyers, and brokers for assistance in the acquisition and another $9,500 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: Note: Parentheses indicate a credit balance. Presidio's appraisal of Mason's fair values deemed three accounts to be undervalued: Inventory by $6,900, Land by $27,200, and Buildings by $31,400. Presidio plans to maintain Mason's separate legal identity and to operate Mason as a wholly owned subsidiary