Proud Corp. recognized Bloom Corp's net assets in a merged business combination conducted on January 2, 2016. The brief financial position information of the two companies on that date is as follows: Proud Corp. Bloom Corp. Book Value Fair Value Book Value Fair Value Assets Cash $ 200,000 $800,000 $ 175000 175.000 Other Current Assets-Net 1,350,000 1,250,000 325,000 240,000 Fixed Assets - Net 6,750,000 2,000,000 750,000 900,000 Total Assets $3,900,000 $4,250,000 Liabilities Current Liabilities $ 600, $500,000 $60.000 $ 60.000 Mortgage Debt 850,000 850,000 240,000 250,000 Capital stock, $10 par per share 1,200.000 600,000 Additional paid-in capital 500.000 200,000 Retained eaming 750,000 150/000 Total liabilities and Equity 43,900,000 $1,250,000 To acquire Bloom Corp., Proud Corp. paid cash of 1350,000 and issued 38,000 shares with a nominal value of $10 per share. The stock market price on January 2, 2016 was $ 20 per share. The business combination's direct costs of $28.000 and other costs related to the issuance of shares of $55,000 were paid in cash. Requested: a) Make a business combination joumal on January 2, 2016 b) Make a Proud Corp. Financial Position Report after the business combination