please i need an answer for this assignment

QUESTIONS Question 1 (50 points). Flower Company was established on January 1, 2017. Along with other assets, it immediately purchased land for $100,000, and a building $210,000. On January 1, 2021, Flower transferred these assets, cash of $30,000, and inventory costing $50,000 to a newly created subsidiary, Sparrow Company, in exchange for 50,000 shares of Sparrow's Sa par value stock Flower uses straight line depreciation and useful life of 30 years for the buildingwith no estimated residual values. Required: a. Give the journal entry that Flower recorded for the transfer of assets and abilities to Sparrow (25 points). b. Give the journal entry that Sparrow recorded for the receipt of assets and liabilities from Flower (25 points). Assets Question 2 (50 points). On January 1, 2021, Party Corporation acquired Surprise Corporation's net assets by paying 215,000 cash. Balance sheet data for the Party & Surprise and fair value information for Surprise immediately before the business combination are given below: Party Surprise Book Value Book Value Fair Value Cash & receivables 250,000 55,000 55,000 Inventory 100,000 45,000 47,500 Land 75,000 50,000 55.000 Plant, Property and Equipment 250,000 136,000 120,000 Less: Accumulated Depreciation -95,000 -48,000 Total 580,000 C238,000 (277,500 Liabilities and Stockholders' Equity Accounts Payable 72.000 35,000 37,500 Notes Payable 125,000 26,000 26,000 Bonds payable 100,000 35,000 Common Stock 60,000 40,000 Additional Paid-in Capital 125,000 50,000 Retained Earnings 98,000 $2,000 Total 580,000 C238,000 Required: a. Prepare the journal entry to record the acquisition of Surprise Corporation (35 points) b. What would the balance of inventory be in the balanced sheet of combined company immediately after the combination? (5 points). What would the balance of accounts payable be in the balanced sheet of combined company immediately after the combination? (5 points). d. What would the balance of retained earnings be in the balanced sheet of combined company immediately after the combination? (5 points) 35,000