Need assistance on preparing the Balance Sheet for proposal 1 and 2, thank you!

Advanced Accounting

Myers Company Ltd. was formed 10 years ago by the issuance of 34,000 common shares 1o three shareholders. Four years later, thecompany went public and issued an additional 30,000 common shares. The management of Myers is considering a takeover in which Myers would purchase all of the assets and assume all of the liabilities ofMNorris Inc. Two alternative proposals are being considered: PROPOSAL1Myers would offer to pay $446 400 cash for the Nortis net assets. In addition, Myers would incur legal, appraisal, and finders' fees for atotal cost of $6,200. PROPOSAL 2Myers would issue 62,000 shares currently trading at $7.20 each for the Norris net assets. Other costs associated with the takeoverwould be as follows: Legal, appraisal, and finders® fees % 6,208Costs of izsuing shares 8,299$14, 480 MNorris shareholders would be offered five seats on the 10-member board of directors of Myers, and the management of Narris wouldbe absorbed into the surviving company. Balance sheet data for the two companies prior to the combination are as follows: Myers MNorrisCarrying Carrying FairAmount Amount ValueCash % 552,000 % 64,56@ % 54,508Accounts receivable 179,260 73,458 68,208Inventory 386,128 122,11@ 146,224Land 437,808 37,000 222,088Buildings (net) 262,585 33,820 36,028Equipment (net) 9@,945 29,785 27,945$1,9087,778 %489 ,785Current liabilities % 145,335 % 53,115 53,115Men-current liabilities 408,228 162,200 167,008Common shares 512,008 112,268Retained earnings 850,435 82,678 £1,907,77@ $489,785 Required:(a) Prepare the journal entries in the accounting records of Myers Company Ltd. to record the takeover of Norris Inc. under Proposal 1and Proposal 2. (If no entry is required for a transaction/event, select "No Journal Entry Required"" in the first account field.) Proposal 1 & Answer is complete and correct. 1 Cash 9 64500 @Accounts receivable 9 68,200 @Inventory 9 146220 @Land 9 222000Buildings 9 36,020 @Gooduwill 9 101630 @Equipment 9 27945 @Cash 9 446,400 &Current liabilities 9 53,115 @Mon-current liabilities 9 167,000 @2 Professional fees expense 9 6200 &Cash 9 6,200 & Proposal 2Answer is complete and correct.NoTransactionGeneral JournalDebitCreditA1Cash64,500Accounts receivableV68,200Inventory146,220Land222,000Buildings36,020Goodwill101,630Equipment27,945Common shares446,400Current liabilities53, 115Non-current liabilities167,000B2Professional fees expense6,200Common sharesV8,200CashV14,400 {b) Prepare the balance sheet of Myers after the takeover for each of the proposals being considered. Proposal 1 €) Answer is not complete. ' Assets Cash