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On January 1, 2021, P Corporation paid $608,000 cash to purchase all of Company's outstanding common shares from shareholders of S Company. At the time of acquisition, the following information is available for S. Book Value Fair Value Cash and receivables $ 55,000 $ 45,000 Plant and equipment (net) 326,000 420,000 Patent 215,000 Total assets $381.000 38,000 Accounts payable Common stock Additional paid-in capital Retained earnings $32,000 84,000 76,000 189,000 Total liabilities and equity $381.000 Open the link below to access a spreadsheet to prepare the journal entry that should record for its acquisition of Company, assuming (1) 5 Company is legally dissolved and (2) S Company is not dissolved (You might want to show calculations in column D for partial credit.) On January 1, 2021, P Corporation paid $608,000 cash to purchase all of Company's outstanding common shares from shareholders of S Company. At the time of acquisition, the following information is available for S. Book Value Fair Value Cash and receivables $ 55,000 $ 45,000 Plant and equipment (net) 326,000 420,000 Patent 215,000 Total assets $381.000 38,000 Accounts payable Common stock Additional paid-in capital Retained earnings $32,000 84,000 76,000 189,000 Total liabilities and equity $381.000 Open the link below to access a spreadsheet to prepare the journal entry that should record for its acquisition of Company, assuming (1) 5 Company is legally dissolved and (2) S Company is not dissolved (You might want to show calculations in column D for partial credit.)