On May 1, Soriano Co. reported the following account balances along with their estimated fair values Carrying Amount Fair Value S 148,900 $148,900 77,600 508,500 762,000 Receivables Inventory 77,600 Copyrights Patented technology 147,500 912,000 Total assets $ 1,286,000 1,497,000 Current liabilities Long-term liabilities Common stock Retained earnings S 250,000 S 250,000 703,400 715,000 100,000 221,000 Total liabilities and equities ,286,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $114,000 to an investment banking firm. The following information was also available . Zambrano further agreed to pay an extra $84,600 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 $42,300 Soriano has a research and development project in process with an appraised value of $253,000 However, the project has not yet reached technological feasibility and the project's assets have no alternative future use Prepare Zambrano's journal entries to tecord the Soriano acquisition assuming its intial cash payment to er owners was (If no entry is required for a transaction/event, select "No journal entry the required" in the first account field.) a. $729,400