On January 1, 2017. Pal Products Corporation issues 12,000 shares of its P10 pax value stock to acquire the net assets of Tan Company. Underlying book value and fair Required: Record the journal enti Corporation Problem 134 value information for the statement of financial position items of Tan Company at the time of acquisition are as follows: Book Value Fair Value Cash P60,000 P 60,000 100,000 100,000 Accounts Receivable 60,000 115,000 Inventory (lifo basis) Land 50,000 70.000 Buildings and Equipment 400,000 350,000 Less: Accumulated Depreciation ( 150,000) Total Assets P520,000 P695,000 Accounts Payable P 10,000 P 10,000 Bonds Payable 200,000 180,000 Common Stock (Ps par value) 150,000 Additional Paid-in Capital 70,000 Retained Earnings 90,000 Total Liabilities and Equities P520,000 Tan Company shares were selling at P18 and Pal Products Corporation shares were selling at P50 just before the merger announcement. Additional cash payments made by Pal Products Corporation in completing the acquisition were: Broker's fee paid to firm that located Tan Company P10,000 Audit fee for stock issued by Pal Products Corporation 12,000 Cost of SEC registration of Pal Products Corporation shares 6,000 Required: Prepare all joumal entries to be recorded on Pal Products Corporation's books