On Moy 1, Soriano Co reponted the folowing account belances along whth their eatimoted fair values. On that doy. Zambrano poid cesh to ocquire ol of the assets and labilites of Soriano, which will cease to exist as a separate entity. To focallate the merget Zombrono olso paid $101500 to an imvestrnent banking firm The following informetion was aiso avalioble. - Zembrono further agreed to pay an extro 591,400 to the former owners of Soriono cnly if they meet certain revenue goals during the next two years. Zembrano estimated the prestent value of its probabity adjusted expected payment for this contingency at $40.700 - Soriano has a reseach and development project in process with on approised value of $210,500. However, the project has not yet resched technologicol feasibily and the projects asiets have no attemative future use. asb. Frepore Zambrano is journal enties to record the Soriano sceustion assuming is intial cash payment to the former owners was (a) $743,800& (b) $862,800, of no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) Journal entry worksheet Record the acquaution of Soriane Co. Assume its intial cash poymert to the former owners was $749,800