Problem 1: Here are the trial balances for the Plenty Company and the Scarce Company just before the books were closed on December 31, 2019. Fair market values for selected Scarce Company accounts are shown. Scarceco Fair Mkt Values 75,000 140,000 (45,000) Current assets Noncurrent assets (net) Liabilities Common Stock (Par) $20 Common Stock (Par) $40 Additional paid in capital Retained earnings 1/1/19 Revenues Expenses PlentyCo ScarceCo Trial Trial Balance Balance 170,000 65,000 255,000 105,000 (65,000) (45,000) (300,000) (60,000) (10,000) (20,000) (60,000) (25,000) (110,000) (90,000) 120,000 70,000 On December 31, 2019, Plenty Company purchased 100% of Scarce Company's stock by issuing 4,500 shares of its own stock and paying $100,000 cash. On that date, the market value of Plenty Company's stock was $30 per share. There were no combination costs or stock issuance costs. Scarce Company was dissolved immediately after the takeover and no longer existed independently. Make all necessary journal entries in Plenty Company's records to recognize this acquisition