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em My Dispense Academic Calendar My courses Book Value Fair Value Book Value Fair Value Assets Cash $100 $100 $40 $40 Receivables-net 50 50 30 30 Inventories 130 150 80 100 Land 50 100 30 50 Buildings-net 150 200 70 100 Equipment-net 100 150 50 75 Total assets $580 $750 $300 $395 Equities Accounts payable $ 80 $ 80 $ 50 $ 50 Other liabilities 100 90 75 45 Common stock, $10 par 200 100 Other paid-in capital 100 25 Retained earnings 100 50 Total equities $580 $300 On January 1, 2021, Pablo Corporation acquired ALL of Diego Corporation's outstanding common stock. This event resulted in the dissolution of Diego. Pablo paid $60,000 in cash and issued 10,400 shares of common stock, $10 par value with a market value of $25 each. The issuance cost was $20,000 and was paid using cash. Required: 1. Prepare the journal entry on January 1, 2021 for the Pablo Corporation acquiring all of Diego Corporation. 2. Prepare the entry at January 1, 2021 for the issuance cost. 3. Obtain the balances of cash, other paid-in capital and common stock after acquisition on January 1, 2021