On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Receivables Carrying Amount 187,100 $ Fair Value Inventory Copyrights Patented technology Total assets Current Liabilities Long-term liabilities Common stock Retained earnings Total liabilities and equities 187,100 79,400 79,400 126,500 502,500 854,000 649,000 $1,247,000 $ 1,418,000 $ 232,000 S 232,000 683,800 695,000 100,000 220,000 $ 1,247,000 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 $140,000 to an investment banking firm. 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 $140,000 to an investment banking firm. The following information was also available: Zambrano further agreed to pay an extra $85,200 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 Soriano has a research and development project in process with on appraised value of $211,500. However, the project has not yet reached technological feasibility and the project's assets have no alternative future use $42,600. a&b. Prepare Zambrano's journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (0) $646,400 & (b) $761,300. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a&b. Prepare Zambrano's journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (0) $646,400 & (b) $761,300 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the acquisition of Soriano Co. Assume its initial cash payment to the former owners was $646,400. Note: Enter debits before credits. a&b. Prepare Zambrano's journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (a) $646,400 & (b) $761,300. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 13 3 4 Record the expenses related to the combination. Assume its initial cash payment to the former owners was $646,400. Note: Enter debits before credits transaction 2 General Jouml Debit Credit a&b. Prepare Zambrano's journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (a) $646,400 & (b) $761,300. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 4 Record the acquisition of Soriano Co. Assume its initial cash payment to the former owners was $761,300. Nobei Enter debits before credits Transaction 32 General Joinar a&b. Prepare Zambrano's journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (a) $646,400 & (b) $761,300. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 2 3 Record the expenses related to the combination. Assume its initial cash payment to the former owners was $761,300. Note: Enber debits before credits Transaction 4 General Journ