Pancor Corporation paid cash of $176,000 to acquire Sink Company's net assets on February 1, 20X3. The balance sheet data for the two companies and fair value information for Sink immediately before the business combination were: Pancor Corporation Sink Company Balance Sheet Item Book Value Book Value Fair Value Assets Cash $ 241,000 $ 15,000 $ 15,000 Accounts Receivable 151,000 32,000 Inventory Patents Buildings and Equipment Less: Accumulated Depreciation Total Assets Liabilities and Equities Accounts Payable Notes Payable Common Stock: $10 par value $8 par value 179,000 91,000 398,000 (183,000) $ 877,000 44,000 47,000 319,000 (193,000) $ 264,000 $ 57,000 122,000 $ 65,000 148,000 187,000 155,000 Retained Earnings 322,000 18,000 8,000 59,000 Total Liabilities and Equities $ 877,000 $ 264,000 Required: Additional Paid-In Capital 32,000 45,000 53,000 137,000 $ 282,000 $ 57,000 122,000 a. Prepare the journal entry recorded by Pancor Corporation when it acquired Sink's net assets. b. Prepare a balance sheet for Pancor immediately following the acquisition. c. Prepare the journal entry to be recorded by Pancor if it acquires all of Sink's common stock for $176,000.