On January 1, 20X8, Alaska Corporation acquired Mercantile Corporation's net assets by paying $160,000 cash. Balance sheet data for the two companies and fair value Information for Mercantile Corporation Immediately before the business combination are given below: Cash Accounts Receivable Inventory Patents Buildings and Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Notes Payable Common Stock: $5 par value $2 par value Additional Paid-In Capital Retained Earnings Total Liabilities and Equities Required: Alaska Book Value $200,000 40,000 Book Value Mercantile Fair Value $ 30,000 $ 30,000 22,000 22,000 120,000 25,000 36,000 50,000 20,000 40,000 330,000 250,000 150,000 -140,000 -150,000 $600,000 $197,000 $278,000 $ 85,000 100,000 $ 55,000 80,000 $ 55,000 80,000 120,000 20,000 140,000 25,000 155,000 17,000 $600,000 $197,000 Prepare the journal entry to record the acquisition of Mercantile Corporation.