Patel Company issued 92,900 shares of $1 par value common stock (market value of $6/share) for the net assets of Seely Company on January 1, 2014, in a statutory merger. Seely Company had the following assets, liabilities, and owners' equity at that time: Cash Accounts receivable Inventory (LIFO) Land Plant assets (net) Total assets Book Value Tax Basis $21,240 107,460 78,720 30,350 409,420 $647,190 Fair Value $21,240 107,460 130,160 54,950 482,370 $796,180 Difference $-0- -0- 51,440 24,600 72,950 Allowance for uncollectible accounts $9,830 $9,830 $-0 Accounts payable 58,940 58,940 -0- Bonds payable 182,700 163,690 (19,010) Common stock, $1 par value 82,720 Other contributed capital 122,320 Retained earnings 190,680 Total equities $647,190 Prepare the journal entry to record the assets acquired and liabilities assumed. Assume an income tax rate of 30%. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Inc Total equities $647,190 Prepare the journal entry to record the assets acquired and liabilities assumed. Assume an income tax rate of 30%. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit nud lila to Show Work for this question: Open Show Work Patel Company issued 92,900 shares of $1 par value common stock (market value of $6/share) for the net assets of Seely Company on January 1, 2014, in a statutory merger. Seely Company had the following assets, liabilities, and owners' equity at that time: Cash Accounts receivable Inventory (LIFO) Land Plant assets (net) Total assets Book Value Tax Basis $21,240 107,460 78,720 30,350 409,420 $647,190 Fair Value $21,240 107,460 130,160 54,950 482,370 $796,180 Difference $-0- -0- 51,440 24,600 72,950 Allowance for uncollectible accounts $9,830 $9,830 $-0 Accounts payable 58,940 58,940 -0- Bonds payable 182,700 163,690 (19,010) Common stock, $1 par value 82,720 Other contributed capital 122,320 Retained earnings 190,680 Total equities $647,190 Prepare the journal entry to record the assets acquired and liabilities assumed. Assume an income tax rate of 30%. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Inc Total equities $647,190 Prepare the journal entry to record the assets acquired and liabilities assumed. Assume an income tax rate of 30%. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit nud lila to Show Work for this question: Open Show Work