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Question 2 (50 points). On January 1, 2021, Panther Corporation acquired Snake Corporation's net assets by paying 175,000 cash. Balance sheet data for the Panther & Snake and fair value information for Snake immediately before the business combination are given below: Snake Required: a) Prepare the journal entry to record the acquisition of Snake Corporation. (35 points). b) What would the balance of land be in the balanced sheet of combined company immediately after the combination? (5 points). c) What would the balance of accounts payable be in the balanced sheet of combined company immediately after the combination? (5 points). d) What would the balance of retained earnings be in the balanced sheet of combined company immediately after the combination? (5 points). Book Value Panther Book Value 250,000 45,000 65,000 22,500 315,000 -85,000 612,500 25,000 45,000 85,000 Assets Cash & receivables Inventory Land Patent Plant, Property and Equipment Less: Accumulated Depreciation Total Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Additional Paid-in Capital Retained Earnings Total Fair Value 25,000 47,500 82,500 27,500 100,000 150,000 -65,000 240,000 282,500 47,500 75,000 50,000 75,000 75,500 135,000 100,000 87,500 214,500 612,500 30,000 55,000 32,500 240,000