Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,200 shares of Pamrod's $20 par value common stock. Balance sheet data for both companies just before the merger are given as follows: Balance Sheet Items Assets Cash Accounts Receivable Pamrod Manufacturing Book Value Fair Value Stafford Industries Book Value Fair Value 88,000 $ 88,000 $ 24,000 $ 24,000 103,000 103,000 52,000 52,000 Inventory Land Buildings and Equipment Total Assets Liabilities and Equities Accounts Payable Bonds Payable Common Stock: $20 par value $5 par value 200,000 393,000 110,000 155,000 59,000 91,000 610,000 557,000 49,000 418,000 21,000 Less: Accumulated Depreciation (234,000) (141,000)} 342,000 $ 826,000 $ 1,232,000 $ 512,000 $ 594,000 54,000 $ 305,000 54,000 $ 315,000 6,000 6,000 157,000 145,000 194,000 87,000 Additional Paid-In Capital Retained Earnings Total Liabilities and Equities 35,000 18,000 238,000 244,000 $ 826,000 $ 512,000 Pamrod shares were selling for $140 on the date of acquisition. Required: a. Prepare a Journal entry to record the acquisition in Pamrod's books. b. Prepare a balance sheet for the combined enterprise immediately following the business combination.