PROBLEM 1: OX9, Beasley Corporation acquired all of Connan Company's common a for 3142500 cash. On that date, Connan's balance sheet appeared as follows Assets Liabilities Cash Accounts Receivables Inventory Land Building and Equipment (net) Currrent Payables Notes Payable $12,500 17,500 $20,000 10,000 25,000 30,000 65,000 Stockholders' Equity 37,500 50,000 32,500 $150,000 Common Stock Additional Capital Retained Earnings TOTAL $150,000 TOTAL The fair values of all of Connan's assets and liabilities were equal to their book values except for the following: $30,0005,000 (5.ooo Inventory Land Building and Equipment 37,500 30,000 (1.s0o 75,000 5,000 (io Goo) 22 5u0 In recording this acquisition, push-down accounting was used. Required: Must show ALL computations to receive full credit. No partial credit given on an individual question(ie., all of nothing). I) Record the acquisition of Connans's stock on Beasley's books on December 31, 20x9. Record any entries that would be made on December 31, 20X9, on Connan's books related to 2) the business combination. 3) Present all consolidating entries that would appear in the worksheet to prepare a consolidated balance sheet immediately after the combination