Products bok P1-35 Purchase at More than Book Value Ramrod Manufacturing acquired all the assets and liabilities of Stafford Industries on l 20X2, in exchange for 4,000 shares of Ramrod's $20 par value common stock. Balance for both companies just before the merger are given as follows: Stafford Indun Ramrod Manufacturing Book Value Fair Value Book Value Balance Sheet Items Fairv $ 30,000 60,000 100,000 40,000 400,000 (150,000) $ 480,000 $ 70,000 100,000 200,000 50,000 600,000 70,000 100,000 375,000 80,000 540,000 Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation W (250,000) $770,000 $ 50,000 300,000 $1,165,000 Total Assets $ 10,000 150,000 $ 50,000 310,000 Accounts Payable Bonds Payable Common Stock: $20 par value $5 par value Additional Paid-In Capital Retained Earnings 145 200,000 100,000 20,000 200,000 40,000 180,000 $770,000 $ 480,000 Total Liabilities & Equities Ramrod shares were selling for $150 on the date of acquisition. Required Prepare the following: a. Journal entries to record the acquisition on Ramrod's books. b. A balance sheet for the combined enterprise immediately following the business conias