On January 1.20 * 2 Prost Company acquired all of SKK Corporation's assets and liabilities by issuing 25,600 shares of its $5 par value common stock. that date, Prost shares were selling at $23 per share Historical cost and fair value balance sheet data for SKK at the time of acquisition were as follows. i need Parts A-C journal entries

On January 1, 20X2, Prost Company acquired all of SKK Corporation's assets and liabilities by issuing 25,600 shares of its $5 par value common stock. At that date, Prost shares were selling at $23 per share. Historical cost and fair value balance sheet data for SKK at the time of acquisition were as follows: Fair Value $ 24,000 109,000 465,000 Balance Sheet Item Cash & Receivables Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Notes Payable Common Stock ($10 par value) Retained Earnings Total Liabilities & Equities Historical Cost $ 24,000 105,000 615,000 (223,000) $ 521,000 $ 57,000 70,000 175,000 219,000 $ 521,000 $598,000 $ 57,000 68,000 Prost paid legal fees for the transfer of assets and liabilities of $21,000. Prost also paid audit fees of $23,000 and listing application fees of $15,000, both related to the issuance of new shares. Required: Prepare the journal entries made by Prost to record the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Event 1 A Merger expense 23,000 Journal entry worksheet Record the costs of issuing stock. Note: Enter debits before credits. Event General Journal Debit Credit 2 Journal entry worksheet