On January 2, 2021, Pioneer Corporation issued 40,000 of its own $10 par common stock for all of the outstanding stock of Lake Corporation in an acquisition. Lake is dissolved. Additionally, Pioneer pays $75,000 for registration fees associated with the stock issuance, and $50,000 for other expenses related to the acquisition. The market price of Pioneer's stock on January 2, 2021 is $60 per share. Relevant balance sheet information for Pioneer and Lake Corporations on December 31, 2020 just before the combination is as follows (in thousands): Cash Inventories Other current assets Land Plant and equipment - net Total assets Liabilities Capital Stock. $10 par Additional paid-in-capital Retained earnings Total liabilities and owner's equity Lake Pioneer Historica Lake Fair Historical Cost I Cost Value 250 30 30 300 75 145 440 100 120 130 100 250 1.470 350 700 2,590 655 1,245 500 50 60 1,200 355 350 150 540 100 2,590 655 Required 5 1. Prepare the preliminary calculations for the acquisition of Lake. 2. Prepare all the journal entries to record the acquisition of Lake (show all of your work and place your calculations in the cells.). 3. Prepare a balance sheet for Pioneer Corporation immediately after the acquisition. (Prepare the worksheet to combine prior to preparing the combined balance sheet.)