Peter Corporation purchased the net assets of Salim, Inc. on January 2, 2020 for $380,000 cash and also paid $15,000 in direct acquisition costs. Salim, Inc. was dissolved on the date of the acquisition. Salim's balance sheet on January 2, 2020 was as follows: Accounts receivable-net Inventory Land Building-net Equipment-net Total assets $90,000 220,000 30,000 20,000 40,000 $400,000 Current liabilities Long term debt Common stock ($1 par) Addtl. paid-in capital Retained earnings Total liab. & equity $75,000 80,000 10,000 215,000 20,000 $400,000 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $260,000, $35,000 and $35,000, respectively. Salim has patent rights with a fair value of $20,000. Required: Prepare Peter's general journal entry for the cash purchase of Salim's net assets. At December 31, 2020, Pandora Incorporated issued 40,000 shares of its $20 par common stock for all the outstanding shares of the Sophie Company. In addition, Pandora paid $10,000 in stock issue costs, $40,000 in legal fees. Summarized balance sheet and fair value information for Sophie immediately prior to the acquisition follows. Book Value $100,000 280,000 520,000 750,000 0 $1,650,000 $200,000 900,000 550,000 $1,650,000 Fair Value $100,000 250,000 640,000 870,000 500,000 Cash Accounts Receivable Inventory Buildings and Equipment (net) Trademarks and Tradenames Total Assets Accounts Payable Notes Payable Retained Earnings Total Liabilities and Equity $190,000 900,000 Required: Prepare Pandora's general journal entry for the acquisition of Sophie assuming that Pandora's stock was trading at $30 at the date of acquisition and Sophie dissolves as a separate legal entity