Parrot incorporated purchased the assets and liabilities of Sparrow Company at the close of business on December 31, 2013. Parrot borrowed $2,000,000 to complete this transaction in addition to the 5640,000 cash that they paid directly. The fair value and book value of Sparrow's recorded assets and liabilities as of the date of acquisition are listed below. In addition Sparrow had a patent that had a fair value of $50.000. Book Value Fair Value Cash $120,000 $120,000 Inventories 220.000 250,000 Other current assets 630,000 600.000 Land 270.000 320,000 Plant assets.net 4650.000 4,600,000 Total Assets $5.890.000 Accounts payable $1.200.000 $1.200.000 Notes payable 2.100.000 2.100,000 700,000 Capital stock. 55 par Additional paid in capital 1.400.000 490.000 Retained Earnings Total Liabilities & Equities 5.890.000 Required: 1. Prepare Parrot's general journal entry for the acquisition of Sparrow, assuming that Sparrow survives as a separate legal entity, 2. Prepare Parrot's general journal entry for the acquisition of Sparrow, assuming that Sparrow will dissolve as a separate legal entity