Londensed balance sheets for Providence Technology company and Smashing Technology Company on Jamary 1. 2021 are as follows: Providence Technology Smashing Technology Current Assets 440.000 200,000 Plant and Equipment (net) 1,080,000 340.000 Total Assets 1.520,000 540,000 Total Liabilities 230,000 80,000 Common Stock. 10 par value 840.000 240.000 Other Contributed Capital 300,000 130,000 Retained Earnings 150.000 90,000 Total Equities 1,520.000 540.000 On January 1, 2021 the stockholders of Providence Technology and Smashing Technology agreed to a consolidation whereby a new corporation. Cannon Company, would be formed to consolidate Providence Technology and Smashing Technology. Cannon Company issued 70.000 shares of its 20 par value common stock for the net assets of Providence Technology and Smashing Technology. On the date of consolidation, the fair values of Providence Technology's and Smashing Technology's current assets and liabilities were equal to their book values. The fair value of plant and equipment for each company was: Providence Technology, 1,270,000; Smashing Technology, 360,000. An investment banking house estimated that the fair value of Cannon Company's common stock was 35 per share. Providence Technology will incur 45,000 of direct acquisition costs and 15.000 in stock issue costs. Required: Prepare the journal entries to record the consolidation on the books of Cannon Company assuming that the consolidation is accounted for as an acquisition