Q1. Balance Sheets for Polo Company and Solo Company on January 1, 2023 are as follows: Polo Solo Current Assets Tangible F/A (net) Total Assets Total Liabilities $ 150,000 Common Stock, $10 par value 550,000 Paid in Capital in excess of Par 200,000 100,000 $1,000,000 Retained Earnings $ 300,000 700,000 $1,000,000 Total Liab.& Equities $150,000 250,000 $400.000 $ 40,000 200,000 100,000 60.000 $400,000 On January 1, 2023 the stockholders of Polo and Solo agreed to a statutory consolidation and to form a new company, namely Omega. Omega Company issued 50,000 shares of its $20 par value common stock. At the date of statutory consolidation, the fair market values of Polo's and Solo's current assets and liabilities were equal to their book values. The fair market values of tangible fixed assets for each company was: Polo, $800,000; Solo, $300,000. Estimated fair value of Omega Company's common stock was $30 per share. Polo will pay $40,000 out of pockets costs. Required: Prepare the journal entries to record the consolidation on the books of Omega Company assuming that the consolidation is accounted for as an acquisition.