Problem I Maplewood Corporation purchased all of the net assets of West Corporation on January 2 2020 for $560,000 and also paid $20,000 in direct acquisition costs. West's balance sheet on January 1, 2020 was as follows: $ 180,000 Current liabilities $ 70,000 Accounts receivable (net) 360,000 Long term debt 160,000 Inventory 40,000 Common stock ($1 par) 20,000 Land 60,000 Building-net 430,000 Paid-in capital 80,000 Equipment-net Retained earnings 40,000 Total assets $720,000 Total liabilities & equity $ 720,000 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $400,000, $50,000 and $70,000, respectively. West has unrecorded patent rights valued at $20,000. West will discontinue as a separate legal entity after the acquisition. Instructions: 1. Prepare the allocation of the acquisition of West Corporation. imal antriee for the cash nurchase of West's net assets and Problem I Maplewood Corporation purchased all of the net assets of West Corporation on January 2 2020 for $560,000 and also paid $20,000 in direct acquisition costs. West's balance sheet on January 1, 2020 was as follows: $ 180,000 Current liabilities $ 70,000 Accounts receivable (net) 360,000 Long term debt 160,000 Inventory 40,000 Common stock ($1 par) 20,000 Land 60,000 Building-net 430,000 Paid-in capital 80,000 Equipment-net Retained earnings 40,000 Total assets $720,000 Total liabilities & equity $ 720,000 Fair values agree with book values except for inventory, land, and equipment, which have fair values of $400,000, $50,000 and $70,000, respectively. West has unrecorded patent rights valued at $20,000. West will discontinue as a separate legal entity after the acquisition. Instructions: 1. Prepare the allocation of the acquisition of West Corporation. imal antriee for the cash nurchase of West's net assets and