On January 1, 20X8, Alaska Corporation acquired Mercantile Corporation's net assets by paying $170,000 cash. Balance sheet data and fair value information for Mercantile Corporation immediately before the business combination are given below: Quest Time Running Attempt due: Sep 38 Minutes, 10 Cash Inventory Mercantile Book Value Fair Value $30,000 $30,000 Buildings and Equipment Loss: Accumulated Depreciation Total Assets Accounts Payable 25.000 36,000 250,000 150,000 (150,000) $155.000 $210.000 $55,000 $55,000 Common Stock, $2 par value 20.000 Retained Earnings 80.000 Total Liabilities and Equities $155.000 Required: Prepare the journal entry to record the acquisition of Mercantile Corporation. Edit View Insert Format Tools Table 12pt Paragraph BIUA