On May 1, Soriano Co. reported the following account balances along with their estimated fair values Carrying Amount Fair Value Receivables Inventory Copyrights Patented technology $ 221,500 $ 221,500 81,000 496,500 610,000 81,000 131,500 834,000 Total assets $ 1,268,000 $ 1,409,000 $ 186,000 $ 186,000 704,000 Current liabilities Long-term liabilities Common stock Retained earnings 714,000 100,000 268,000 Total liabilities and equities $1,268,000 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 $148,500 to an investment banking firm The following information was also available .Zambrano further agreed to pay an extra $73,000 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 $36,500 Soriano has a research and development project in process with an appraised value of $232,500 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 record the Soriano acquisition assuming its initial cash payment to the former owners was (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. $692,900