Question 1: (10 points): A1, B1, C1, C3 Baba company issued 10,000 shares of its $2 par common stock (current fair value $30 a share) to stockholders of Manny company for all the outstanding $3 par common stock of Manny. The merger fees were $50,000. The balance sheet of the two companies was as follow: + Baba CORPORATION AND Maany COMPANY Separate Financial Statements (prior to business combination) For Year Ended December 31, 2020 Baba Corp. Manny Comp $100,000 $120,000 900,000 1120,000 $50,000 $13,000 $10,000 73,000 Balance Sheets Assets Cash Inventories Other Current Assets Total Assets Liabilities and Stockholders' Equity Other Liabilities Common Stock, $2 par Common Stock, $3 par Additional Paid-In Capital Retained Earnings Total Liabilities & Stockholders' Equity $23,000 $220,000 600,000 200,000 ?? ?? $30,000 10,000 ?? ?? On December 31, 2020, the current fair values of Manny company's identifiable assets and liabilities were the same as their carrying amounts, except for the Inventories which was $30,000 Instructions: 1- Prepare the joumal entries for the business combinations on 31/12/2020. (6 Points) 2- Prepare the consolidated balance sheet on 31/12/2020. (4 Points)