Lake Company had the following balance sheet on December 31, 20X1, when it was acquired for $612,000 in cash by Atlantic Corporation: Lake Company Balance Sheet December 31, 20X1 Assets Liabilities and Equity $ 92,000 Current assets................... $120,000 Equipment (net)............... 179,300 Building (net).................. ............. 306,700 Total assets.. 5606.000 Current liabilities... Stockholders' equity: Common stock ($5 par).. $104,000 Retained earnings...... 410,000 Total liabilities and equity 514,000 $600.000 Assets and liabilities have following fair values: Current assets Buildings Equipment Current liabilities $ 96,800 310,600 164,000 81,200 The combination is structured as a tax free exchange. Lake Company has a tax loss carryforward of $345,000, which it has not recorded. The balance of the $345,000 tax loss carryover is considered fully realizable. Atlantic is taxed at a rate of 27%. Record the acquisition of Lake Company by Atlantic Corporation