Need this as soon as possible... will attach excel sheet to be completed on. Thank you

Name of Company Being Acquired Date of Acquisition Jansen July 1, 20X6 Book Current Assets Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Insurance Total Current Assets Investments Fixed Assets Land Machinery and equipment (net) Priority Market $1,250,000 1 1 1 1 1,250,000 1 2 2 2 2 Total Fixed Assets Intangibles 2 2 2 2 2 Goodwill Total Intangibles Total Assets Book 1 1 1 1 - Total Current Liabilities Other Liabilities - Total Other Liabilities - Total Liabilities Stockholders' Equity Common Stock Retained earnings - Total Equity - - 1,250,000 - Total Liabilities and Equity Net Assets - 16,000 10 265 4,240,000 12,000 4,252,000 Zone Analysis Cumulative Group Total Group Total Priority Nonpriority (2) - Price Paid Assign to Priority Assign to Nonpriority Goodwill Extraordinary Gain - 4,252,000 4,252,000 - Assignment and Allocation Schedule Priority Accounts Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Insurance Investments Current Liabilities Amount to Percentage Allocate Market (Fair) Value Total Priority Nonpriority Accounts Land Machinery and equipment (net) Total Nonpriority Goodwill Assigned or Allocated Amount 4,252,000 Extraordinary Gain - Total (should equal purchase price) 0% 0% 0% 0% 0% 0% 0% 0% 0% - 4,252,000 4,252,000 Entry Account Name Accounts Receivable Allowance for doubtful accounts Inventory Prepaid Insurance Investments Current Liabilities Land Machinery and equipment (net) - Check 1 1 1 1 N Purchase Price Cash Number of Shares exchanged Par Value of a share of stock Market Value of a share of stock Market Value of stock exchanged Direct acquisition costs Incurred Total purchase Price Goodwill Extraordinary Gain Cash Common Stock Paid in Capital in Excess of Par Priority Market Current Liabilities Current Liabilities Debit (Credit) 4,252,000 (12,000) (160,000) (4,080,000) - Name of Company Being Acquired Date of Acquisition Smith Dece,ber 31, 20X1 Book Priority Current Assets Notes Receivable Accounts receivable Inventory Other Current Assets Total Current Assets Investments Fixed Assets Land Building Equipment Market Book 1 1 1 1 - 1 2 2 2 2 Total Fixed Assets Intangibles Patents Trade names 2 2 2 2 2 Goodwill Total Intangibles Total Assets - Total Current Liabilities Other Liabilities Long-term debt Payroll and benefit-related liabilities - Total Other Liabilities - Total Liabilities Stockholders' Equity Common Stock Paid in capital in excess of par Retained earnings Total Equity - 1 1 1 1 - - - - Total Liabilities and Equity Net Assets - 580,000 20,000 600,000 Zone Analysis Cumulative Group Total Group Total Priority Nonpriority (2) - Price Paid Assign to Priority Assign to Nonpriority Goodwill Extraordinary Gain - 600,000 600,000 - Assignment and Allocation Schedule Priority Accounts Notes Receivable Accounts receivable Inventory Other Current Assets Investments Accounts payable Payroll and benefit-related liabilities Debt maturing in one year Amount to Percentage Allocate Market (Fair) Value Long-term debt Payroll and benefit-related liabilities Total Priority Nonpriority Accounts Land Building Equipment Patents Trade names Total Nonpriority Goodwill Assigned or Allocated Amount 600,000 Extraordinary Gain - Total (should equal purchase price) 0% 0% 0% 0% 0% 0% 0% 0% 0% - 600,000 600,000 Entry Account Name Notes Receivable Accounts receivable Inventory Other Current Assets Investments Accounts payable Payroll and benefit-related liabilities Debt maturing in one year Long-term debt Payroll and benefit-related liabilities Land Building Equipment Patents Trade names - Check 1 1 1 1 N Purchase Price Cash Number of Shares exchanged Par Value of a share of stock Market Value of a share of stock Market Value of stock exchanged Direct acquisition costs Incurred Total purchase Price Goodwill Extraordinary Gain Cash Common Stock Paid in Capital in Excess of Par Priority Market Current Liabilities Accounts payable Payroll and benefit-related liabilities Debt maturing in one year Debit (Credit) 600,000 (600,000) - Problem 1-5 (LO 4, 7) Revaluation of assets. Jansen Company is a corporation that was organized on July 1, 20X1. The June 30, 20X6, balance sheet for Jansen is as follows: Assets Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 400,500 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,250,000 Allowance for doubtful accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . (300,000) 950,000 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000 Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,000 Machinery and equipment (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,473,500 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,500,000 Liabilities and Equity Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,475,000 Common stock, $10 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,825,000 Total liabilities and equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,500,000 Machinery was purchased in scal years 20X2, 20X4, and 20X5 for $500,000, $850,000, and $660,000, respectively. The straight-line method of depreciation and a 10-year estimated life with no salvage value have been used for all machinery, with a half-year of depreciation taken in the year of acquisition. The experience of other companies over the last several years indicates that the machinery can be sold at 125% of its book value. An analysis of the accounts receivable indicates that the allowance for doubtful accounts should be increased to $337,500. An independent appraisal made in June 20X1 valued the land at $70,000. Using the lower-of-cost-or-market rule, inventory is to be restated at $1,200,000. To be exchanged are 16,000 shares of Clark Corporation for 120,000 Jansen shares. During June 20X6, the fair value of a share of Clark Corporation was $265. The stockholders' equity account balances of Clark Corporation as of June 30, 20X6, were as follows: Common stock, $10 par . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,000,000 Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,496,400 Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,076,400 Direct acquisition costs are $12,000. Assuming the books of Clark Corporation are to be retained, prepare the necessary journal entry (or entries) to effect the business combination on July 1, 20X6, as a purchase. Use zone analysis to support the purchase entries.