Patel Company issued 95,200 shares of $1 par value common stock (market value of $7/share) for the net assets of Sedly Company on January 1, 2014, in a statutory merper. Sedy Company had the following assets. liabilities, and owners' equity at that time: Book Value Tax Basis Fair Value Difference Cash $18,780 $18,780 Accounts receivable 106,570 106,570 Inventory (LIFO) 78,330 129,300 50,970 31,130 57,400 26,360 Plant assets) 388,170 461,470 73,300 Total assets $622,980 $723,610 and Allowance for uncollectible accounts $9,200 $9,200 Accounts payable 54,630 54,630 Bends payable 187,700 167,870 (19,830) Common stock, $1 par value 79,890 Other contributed capital 139,780 Retained earnings 151,780 Total aquities $622,980 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 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debih Credit Patel Company issued 95,200 shares of $1 par value common stock (market value of $7/share) for the net assets of Sedly Company on January 1, 2014, in a statutory merper. Sedy Company had the following assets. liabilities, and owners' equity at that time: Book Value Tax Basis Fair Value Difference Cash $18,780 $18,780 Accounts receivable 106,570 106,570 Inventory (LIFO) 78,330 129,300 50,970 31,130 57,400 26,360 Plant assets) 388,170 461,470 73,300 Total assets $622,980 $723,610 and Allowance for uncollectible accounts $9,200 $9,200 Accounts payable 54,630 54,630 Bends payable 187,700 167,870 (19,830) Common stock, $1 par value 79,890 Other contributed capital 139,780 Retained earnings 151,780 Total aquities $622,980 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 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debih Credit