Question 2 (50 points). On January 1, 2021, Party Corporation acquired Surprise Corporation's net assets by paying 135,000 cash. Balance sheet data for the Party & Surprise and fair value information for Surprise immediately before the business combination are given below: Party Book Value 220,000 100,000 75,000 250,000 -95,000 550,000 Surprise Book Value 37,000 38,000 50,000 120,000 -52,000 193,000 Fair Value 37,000 42,500 53,000 80,000 212.500 Assets Cash & receivables Inventory Land Plant, Property and Equipment Less: Accumulated Depreciation Total Liabilities and Stockholders' Equity Accounts Payable Notes Payable Bonds payable Common Stock Additional Paid-in Capital Retained Earnings Total 37,500 13,000 35,000 62,000 135,000 100,000 60,000 100,000 93,000 550,000 35,000 13,000 35,000 30,000 45,000 35,000 193,000 Required: a. Prepare the journal entry to record the acquisition of Surprise 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 common stock be in the balanced sheet of combined company immediately after the combination? (5 points)