Presented below are the balance sheets of Allen Corporation and Benson Corporation, immediately prior to a business combination. The fair values of Benson's reported net assets equal their book values, and previously unreported identifiable intangible assets have a fair value of $200,000. Allen Corp. Benson Corp. Cash $1,000,000 $50,000 Other current assets 600,000 150,000 Property, plant and equipment 1.200,000 400,000 400 Total assets Total $2,800,000 $500,000 $ Current liabilities $300,000 $100,000 Long term liabilities 600,000 250,000 Common stock 200,000 100,000 Additional paid-in capital 900,000 50.000 Retained earnings 800.000 100.000 Total liabilities and equity $2.800,000 $500,000 Support Required Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination: (1) Allen acquires Benson for $800,000 cash in a transaction recorded as a merger. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer. Description Debit Credit Cash Not all accounts listed will have a balance. If a balance isn't required, leave answer field blank (or enter zero). Allen Corp. Post-Combination Balance Sheet Cash Other current assets Properly plant and equipment Post-Combination Balance Sheet Cash Other current assets Property plant and equipment Investment in Benson Identifiable intangibles Goodwill Current liabilities Long term liabilitics Common stock Additional paid in capital Retained eamings Support Prepare the acquisition entry and the balance sheet of Allen Corporation after the following business combination: (2) Allen acquires Benson for $800,000 cash in a transaction recorded as a stock acquisition. Not all drop-down answers may be required for the journal entry. If an account is not required, select "N/A" as your answer. Description Debit Credit Cash Not all accounts listed will have a balance. If a balance isn't required, leave answer field blank (or enter zero). Allen Corp. Post-Combination Balance Sheet Cash Other current assels Property plant and equipment Not all accounts listed will have a balance. If a balance isn't required, leave answer field blank (or enter zero). Allen Corp. Post-Combination Balance Sheet Cash $ Other current assets Support Property plant and equipment Investment in Benson Identifiable intangibles Goodwill $ $ Current liabilities Long-term liabilities Common stock Additional paid-in capital Retained earnings $