On May 1, Soriano Co, reported the following account balances aiong with their estimated fair values: On that day. Zambrane paid cash to acquire all of the assets and Babinies of Sorlano. which will cease to exist as a separate entity. To faciltate the merget, Zambrano also paid $106,500 to an investment banking fitm. The following information was also avallable: - Zambrano further agreed to pay an extra $70,400 to the former owners of Soriano only if they meet certain revenue goals during the next two years. Zambrano estimated the present value of its probability adjusted expected payment for this contingency at $35,200. - Soriano has a research and development project in process with an appralsed value of $217.500. However, the project has not yet reached technological feasiblity and the project's assets have no alternative future use. asb. Prepare Zambrano's joumal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (a) $929,8008 (b) $949,200. (if no entry is requlred for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the acquisition of Soriano Co. Assume its initial cash payment to the former owners was $829,800. Note: Enter debits before credits. Journal entry worksheet Record the expenses related to the combination. Assume its initial cash payment to the former owners was $829,800. Note: Enter debits before credits. Journal entry worksheet Record the acquisition of Soriano Co. Assume its initial cash payment to the former owners was $949,200. Note: Enter debits before credits. Journal entry worksheet Record the expenses related to the combination. Assume its initial cash payment to the former owners was $949,200. Note: Enter debits before credits