On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Receivables Inventory Copyrights Patented technology Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and equities Carrying Amount $ 221,500 81,800 131,500 834,000 Fair value $221,500 81,800 496,500 610,000 $ 1,268,888 $ 1,489,808 $ 186,000 $ 714,000 180,000 268,800 $ 1,268,000 186,000 784,000 . 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. a&b. Prepare Zambrano's journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (a) $692,900 & (b) $817,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No 1 Transaction 1 General Journal Receivables Inventory Copyrights 2 2 3 3 4 4 Patented technology Research and development asset Current liabilities Long-term labe Cash Contingent performance liability Gain on bargain purchase Professional services expense Cash Receivables Inventory Copyrights Patented technology Research and development asset Current liabilities Long-term lab Cash Contingent performance liability Goodwill Professional services expense Cash Debit Credit 221,500 81,000 496,500 610,000 232,500 186,000 704,000 682,900 36,500 22,100 1000 00 0000000000 148,500 148,500 00 221,500 81,000 496,500 610,000 232,500 186.000 704,000 817,000 36,500 102,000x 148.500 148,500