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Question 2 (50 points). On January 1, 2021, Panther Corporation acquired Snake Corporation's net assets by paying 200,000 cash. Balance sheet data for the Panther & Snake and fair value information for Snake immediately before the business combination are given below: Snake Panther Book Value 250,000 35,000 80,000 20,000 325,000 -90,000 620,000 Book Value 30,000 42,000 95,000 Assets Cash & receivables Inventory Land Patent Plant, Property and Equipment Less: Accumulated Depreciation Total Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Additional Paid-in Capital Retained Earnings Total Fair Value 30,000 45,500 90,000 30,000 105,000 150,000 -52,000 265,000 300,500 37,500 75,000 72,000 145,000 100,000 90,000 213,000 620,000 35,000 75,000 30,000 80,000 45,000 265,000 Required: a. Prepare the journal entry to record the acquisition of Snake Corporation. (35 points). b. What would the balance of land be in the balanced sheet of combined company immediately after the combination? (5 points). c. 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 common stock be in the balanced sheet of combined company immediately after the combination? (5 points)