Name: Score: This take-home question is due in class on Monday, March 10, 2020. Please staple this sheet with your answer sheet(s). Problem I Maplewood Corporation purchased all of the net assets of West Corporation on January 2, 2020 for $560,000 and also paid $20,000 in direct acquisition costs. West's balance sheet on January 1, 2020 was as follows: Accounts receivable (net) Inventory Land Building-net Equipment-net Total assets $ 180,000 360,000 40,000 60,000 80,000 $720,000 Current liabilities Long term debt Common stock ($1 par) Paid-in capital Retained earnings Total liabilities & equity $ 70,000 160,000 20,000 430,000 40,000 $ 720,000 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $400,000, $50,000 and $70,000, respectively. West has unrecorded patent rights valued at $20,000. West will discontinue as a separate legal entity after the acquisition. Instructions: 1. Prepare the allocation of the acquisition of West Corporation. 2. Prepare Maplewood's general journal entries for the cash purchase of West's net assets and the direct combination costs. 3. Assume Maplewood Corporation purchased the net assets of West Corporation for $500,000 rather than $560,000, prepare the general journal entries