Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,200 shares of Pamrod's $16 par value common stock. Balance sheet data for both companies just before the merger are given as follows: Pamrod Manufacturing Stafford Industries Balance Sheet Items Book Value Fair Value Book Value Fair Value Assets Cash $ 73,000 $ 73,000 Accounts Receivable 101,000 101,000 Equipment Inventory Land Buildings & Less: Accumulated Depreciation Total Assets Liabilities & Equities Bonds Payable 208,000 382,000 $ 24,000 51,000 106,000 $ 24,000 51,000 159,000 69,000 100,000 59,000 28,000 620,000 548,000 400,000 345,000 } (241,000) (140,000) $ 830,000 $1,204,000 $ 500,000 $607,000 Accounts Payable $ 53,000 $ 53,000 $ 6,000 319,000 329,000 158,000 $ 6,000 141,000 Common Stock: $16 par value $5 par value Additional Paid-In Capital Retained Earnings 184,000 97,000 28,000 19,000 246,000 220,000 Total Liabilities & Equities $ 830,000 $ 500,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit A Record the acquisition of Stafford Industries' net assets. Note: journal entry has been entered b. Prepare a balance sheet for the combined enterprise immediately following the business combination. (Amounts to be deducted should be indicated by minus sign.) Assets PAMROD MANUFACTURING AND SUBSIDIARY Combined Balance Sheet January 1, 20X2 Liabilities and Equities Total Assets Total Liabilities and Equities