Question 1: On January 2, 2013 Piron Corporation issued 120,000 new shares of its $10 par value common stock valued at $25 a share for all of Seana Corporation's outstanding common shares. Piron paid $25,000 to register and issue shares. Piron also paid $35,000 for the direct combination costs of the accountants. The fair value and book value of Seana's identifiable assets and liabilities were the same- except for both land that is overstated by $50,000 and plant asset that is understated by $60,000. Summarized balance sheet information for both companies just before the acquisition on January 2, 2013 is as follows: Piron Seana Cash $150,000 $120,000 Inventories 320,000 400,000 Other current assets 500,000 500,000 Land 350,000 250,000 Plant assets-net 4.000.000 1.500.000 Total Assets $5,320,000 $2,770,000 Accounts payable $1,000,000 $300,000 Notes payable 1,300,000 660,000 Capital stock, $5 par 2,000,000 500,000 Additional paid-in capital 900,000 100,000 Retained Earnings 120,000 1,210,000 Total Liabilities & Equities $5,320,000 $2,770,000 Required: 1- Calculate the goodwill (if any)or the gain from the bargin purchase (if any) of the business combination? 2- Prepare Piron's general journal entry for the acquisition of Seana, assuming that Seana will dissolve as a separate legal entity. 3- Prepare a balance sheet as January 2, 2013 immediately after the acquisition