On January 1, 2021, P Corporation paid $610,000 cash to purchase all of S 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 $ 50,000 Buildings and equipment (net) 326,000 425,000 Patent 213,000 Total assets $381,000 36,000 Accounts payable h 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 P should record for its acquisition of s 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.) Problem One Once finished, press the yellow button "CLICK HERE TO SAVE YOUR WORK" and then paste (Ctrl+v for PC users: Command+v for Mac users) the URL in the answer field below. (Note: Do NOT use any information in Problem One for Problem Two.) 1 A B C a. Assume that S Company is legally dissolved, prepare the acquisition entry for P. Accounts Debit Credit Supporting 2 3 5 6 7. 00 9 10 b. Assume that S Company is NOT dissolved, prepare the acquisition entry for P. 11 Accounts Debit Credit 12 13