Please Help!!!

On May 1, Soriano Co. reported the following account balances along with their estimated fair values: Carrying Fair Value Amount Receivables 245,300 245,300 79,200 125,500 875,000 $1,325,000 Inventory opyrights Patented technology 79,200 505,500 658,000 Total assets 1,488,000 Current liabilities 253,000 740,000 100,000 232,000 253,000 729,800 Long-term liabilities Common stock Retained earnings Total liabilities and equities 1,325,000 On that day, Zambrano paid cash to acquire all of the assets and liabilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $124,500 to an investment banking firm. The following information was also available: Zambrano further agreed to pay an extra $71,200 to the former owners of Soriano only if they meet certain revenue goals during the next two years. Zambrano estimated the present value of its probability adjusted expected payment for this contingency at $35,600 Soriano has a research and development project in process with an appraised value of $221,500. However, the project has not yet reached technological feasibility and the project's assets have no alternative future use. a&b. Prepare Zambrano's journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (a) $670,000 & (b) $790,100. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X Record the acquisition of Soriano Co. Assume its initial cash payment to the former owners was $670,000 Record the expenses related to the combination. Assume its initial cash payment to the former owners was $670,000. Record the acquisition of Soriano Co. Assume its initial cash payment to the former owners was $790,100. Record the expenses related to the combination. Assume its initial cash payment to the former owners was 4 $790,100. journal entry has been entered Note Journal entry worksheet 1 2 4 Record the acquisition of Soriano Co. Assume its initial cash payment to the former owners was $670,000 Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet