Pancor Corporation paid cash of $178,000 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		$	240,000					$	20,000				$	20,000
Accounts Receivable			140,000						35,000					35,000
Inventory			170,000						30,000					50,000
Patents			80,000						40,000					60,000
Buildings & Equipment			380,000						310,000					150,000
Less: Accumulated Depreciation			(190,000	)					(200,000	)
Total Assets		$	820,000					$	235,000				$	315,000
Liabilities & Equities
Accounts Payable		$	85,000					$	55,000				$	55,000
Notes Payable			150,000						120,000					120,000
Common Stock:
$10 par value			200,000
$6 par value									18,000
Additional Paid-In Capital			160,000						10,000
Retained Earnings			225,000						32,000
Total Liabilities & Equities		$	820,000					$	235,000

Required: a. Prepare the journal entry recorded by Pancor Corporation when it acquired Sink's net assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Prepare a balance sheet for Pancor immediately following the acquisition. (Amounts to be deducted should be indicated by minus sign.)

c. Prepare the journal entry to be recorded by Pancor if it acquires all of Sink's common stock (instead of Sink's net assets) for $178,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)