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On 1/1/2019 Company AA purchased all of the shares of company BB from Its shareholders. In return, Company AA pald those shareholders $ 100,000 in

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On 1/1/2019 Company AA purchased all of the shares of company BB from Its shareholders. In return, Company AA pald those shareholders $ 100,000 in ca: and issued for them 50,000 of its own shares (par value $2 each, market value 10 each) Company AA also pays $3,000 cash for registration fees, and $ 5,000 cash for consulting fees. On 1/1/2019, Company AA dissolves Company BB. The assets and liabilities of Company BB on 1/1/2019 equal the following value Account Book value Falr value Cash 50,000 50,000 55,0001 60,0001 150,000 Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable 170,000 350,000 400,000 100,000 100,000 Required: Provide the Journal entries for the above transactions in the books of Company A

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