Prepare the necessary journal entry in the books of XYZ to record the acquisition of ABC.

On June 30, 2018 XYZ Corporation acquired ABC Corporation which has the following audited condensed balance sheet: ABC Corporation Balance Sheet June 30, 2018 Assets Liabilities and Equity $ 40,000 80,000 750,000 110,000 Current Liabilities Capital Stock (90,000 $50,000 Current assets Land Buildings (net) Equipment (net) shares, $1 par value) Other Paid-in Capital Retained Earnings 90,000 40,000 800,000 $980.000 $980,000