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On January 1, 2020, Nylah Corporation issued 10,000 shares of its own $10 par value common stock for 9,000 shares of the outstanding stock of Berry Corporation in an acquisition. Nylah common stock at January 1, 2020 was selling at $70 per share. Just before the business combination, balance sheet information of the two corporations was as follows: Nylah Berry Book Berry Book Value Value Fair Value Cash $ 25,000 $ 12,000 $ 12,000 Inventories 55,000 32,000 36,000 Other current assets 110,000 90,000 110,000 Land 100,000 30,000 90,000 Plant and equipment-net 660,000 250,000 375,000 $ 950,000 $ 414,000 $ 623,000 Liabilities $ 220,000 $ 50,000 $ 50,000 Capital stock, $10 par value 500,000 100,000 Additional paid-in capital 170,000 40,000 Retained earnings 60,000 224,000 $ 950,000 $ 414,000 REQUIRED: 1. Prepare the journal entry on Nylah Corporation's books to account for the business combination (3 points). 2. Prepare a consolidated balance sheet for Nylah Corporation and Subsidiary immediately after the business combination on page 9. You must properly label all items. (12 points). You need to complete the working paper on next page 8 before you can prepare the consolidated balance sheet (1'7 points). 3. Give all eliminating journal entries on this page (7 points)