Pintime Industries Incorporated entered into o business combination sgreement with Sydrolized Chemical Corporation $($SCC$)$ to ensure

on uninterrupted supply of key raw materials and to realize certain economies from combining the operating processes and the

morketing efforts of the two componies. Under the terms of the sgreement, Pintime issued $180,200$ shores of its $$1$ por common stock

in exchange for all of SCC$\text{'}$s ussets and liabilities. The Pintime shares then were distributed to SCC$\text{'}$s shareholders, and SCC wss

liquidated.

Immedistely prior to the combination, SCC$\text{'}$s balance sheet appeared as follows, with fair values also indicated:

Immedistely prior to the combinstion, Pintime's common stock was selling for $$14$ per share. Pintime incurred direct costs of $$136,000$

in arranging the business combination and $$51,000$ of costs associated with registering and issuing the common stock used in the

combination.

Required:

a$.$ Prepore all journsl entries thst Pintime should hsve entered on its books to record the business combinstion.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" In the first account field.

Prepare all journal entries that should have been entered on SCC$$s books to record the combination and the distribution of the stock received.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

b$.$ Prepare all journal entries that should have been entered on SCC$$s books to record the combination and the distribution of the stock received.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Please note there are only three events:

Event $1$ record the sale of assets and liabilities

Event $2$ record the retirement of treasury stock

Event $3$ record the retirement of SCC stock and distribution of Pintime Industries stock

There are also only four available categories to debit and credit $($PLEASE DO NOT Reference ASSETS$/$LIABILITES ETC$)$

no journal entry required

accounts payable

accounts receivable

additional paid$-$in capital $--$ common stock