PIntIme Industrles Incorporated entered Into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materlals and to realize certain economies from combining the operating processes and the marketing efforts of the two companles. Under the terms of the agreement, Pintime Issued 182,000 shares of Its $1 par common stock In exchange for all of SCC's assets and Ilabilitles. The Pintime shares then were distrlbuted to SCC's shareholders, and SCC was Ilquidated. Immediately prior to the combination, SCC's balance sheet appeared as follows, with falr values also Indicated: Immedlately prior to the combination, PIntime's common stock was selling for $14 per share. Pintime Incurred direct costs of $145,000 In arranging the business combination and $49,000 of costs assoclated with registering and Issulng the common stock used in the combination. b. Prepare all journal entrles that should have been entered on SCC's books to record the combination and the distributlon of the stock recelved. Note: If no entry is required for a transactlon/event, select "No journal entry required" in the first account fleld