Present the journal entry o el Balances Reported Following Combination Palm Corporation and Staple Company have announced terms of f an exchange agreement und Com- hich Palm will isue 8,000 shares of its $10 par value common stock to acquire all of Staple pany's assets. Palm shares currently are trading at $50, and Staple $5 par value shares are tradfie at S 18 each. Historical cost and fair value balance sheet data on January 1, 20X2, are as follows 1-11 ing Staple Company Palm Corporation Book Value Fair Value Fair Value $150,000 170,000 400,000 $720,000 Book Value Balance Sheet Itenm Cash & Receivables Land Buildings & Equipment (net) Total Assets Common Stock Additional Paid-In Capital Retained Earnings Total Equities $ 40,000 50,000 160,000 $250,000 $100,000 10,000 140,000 $250,000 $150,000 100,000 300,000 $550,000 $ 40,000 85,000 230,000 $200,000 20,000 330,000 $550,000 Required What amount will be reported immediately following the business combination for each of the following items in the combined company's balance sheet? a. Common Stock. b. Cash and Receivables. C. Land. d. Buildings and Equipment (net). e. Goodwill f Additional Paid-In Capital. g. Retained Earnings