Question 1: (10 Points): A1, A3, B1, C1, C3 On Dec 31, 2019, Jalal Corporation acquired all the net assets of Salma Corporation directly from the owner for $300,000 cash, in a business combination. Jalal paid legal fees of $50,000 in connection with the combination. Salma's Balance sheet prior to the business combination shows the following: Current assets Plant assets (net) Intangible assets (net) Total Assets Current liabilities Long-term debt Total liabilities Common 100,000 equity Total 290,000 Assets Salma Company (Combine) Balance Sheet (prior to business combination) December 31,2019 stock, Carrying Amounts $ 20,000 200,000 70,000 $ 290,000 Liabilities and Stockholder's Equity $ 50,000 100,000 $ 150,000 $1 liabilities and Total $ par Current Fair Values $ 40,000 230,000 90,000 $ 360,000 $ 50,000 130,000 $ 180,000 40,000 stockhoders'equity $ stockholders' Instruction: Prepare journal entries on December 31, 2019, for Jalal Corporation to record the business combination with Salma Company.

Question 1: (10 Points): A1, A3, B1, C1, C3 On Dec 31, 2019, Jalal Corporation acquired all the net assets of Salma Corporation directly from the owner for $300,000 cash, in a business combination. Jalal paid legal fees of $50,000 in connection with the combination. shows olders' $ Instruction: Prepare journal entries on December 31, 2019, for Jalal Corporation to record the business combination with Salma Company