On January 1, 2024, Presidio Company acquired 100 percent of the outstanding common stock of Mason Company. To acquire these shares, Presidio issued to the owners of Mason $330,000 in long-term liabilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Presidio paid $21,500 to accountants, lawyers, and brokers for assistance in the acquisition and another $6,500 in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: Cash Receivables Items Presidio Company $ 81,300 Mason Company $ 33,600 140,000 Inventory Land Buildings (net) Equipment (net) Accounts payable Long-term liabilities Common stock-$1 par value Common stock-$20 par value Additional paid-in capital Retained earnings, 1/1/24 274,000 429,000 147,000 200,000 271,000 478,000 315,000 215,000 63,600 (203,000) (50,100) (436,000) (330,000) (110,000) 0 0 (120,000) (470,100) (360,000) (568,300) Note: Parentheses indicate a credit balance. Presidio's appraisal of Mason's fair values deemed three accounts to be undervalued: Inventory by $5,250, Land by $18,800, and Buildings by $34,000. Presidio plans to maintain Mason's separate legal identity and to operate Mason as a wholly owned subsidiary. Required: a. Prepare Presidio's journal entries to record its acquisition of Mason, related professional fees paid, and stock acquisition costs. b. Separately determine each individual amount that Presidio Company would report in its consolidated balance sheet following the acquisition of Mason Include in Presidio's retained earnings any adjustments to income accounts from nart (a)