P1-36 Business Combination LO 1-5 Following are the balance sheets of Power Boogie Musical Corporation and Shoot-Toot Tuba Company as of December 31 , 205. In preparation for a possible business combination, a team of experts from Power Boogie Musical made a thorough examination and audit of Shoot-Toot Tuba. They found that Shoot-Toot's assets and liabilities were correctly stated except that they estimated uncollectible accounts at $3,000. The experts also estimated the market value of the inventory at $51,000 and the market value of the plant and equipment at $507,000. The business combination took place on January 1,206, and on that date Power Boogie Musical acquired all the assets and liabilities of Shoot-Toot Tuba. On that date, Power Boogie's common stock was selling for $55 per share. Required: Record the combination on Power Boogie's books assuming that Power Boogie issued 9,000 of its $11 par common shares in exchange for Shoot-Toot's assets and liabilities. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the acquisition of Shoot-Toot Tuba's net assets. Note: Enter debits before credits