Panda Corporation paid $2,000,000 in cash for all of Sim Corporations assets and liabilities in a merger. The following table shows three possible cases for the merger:

Fair ValueAccountCase 1Case 2Case 3Current assets$400,000$100,000$300,000Plant assets750,000300,0002,000,000Identifiable intangible assets900,000200,000800,000Liabilities(800,000)(900,000)(1,000,000)Fair value of identifiable net assets$1,250,000$(300,000)$2,100,000

Required

In each of the above cases, prepare the journal entry Panda makes to record the business combination.

Instructions:

• Not all drop-down answers may be required for the journal entry in each case. If an account is not required, select "N/A" as your answer.
• Enter answers using all zeros (do not abbreviate to thousands).

please also explain

Goodwill and Bargain Purchase Panda Corporation paid $2,000,000 in cash for all of Sim Corporation's assets and liabilities in a merger. The following table shows three possible cases for the merger: Required In each of the above cases, prepare the journal entry Panda makes to record the business combination. Instructions: - Not all drop-down answers may be required for the journal entry in each case. If an account is not required, select "N/A" as your answer. - Enter answers using all zeros (do not abbreviate to thousands). Case 1: Case 2: Case 3