Question 2 (50 points). On January 1, 2021, Party Corporation acquired Surprise Corporation's net assets by paying 155,000 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 250,000 100,000 75,000 220,000 -95,000 550,000 Surprise Book Value 45,000 33,000 43,500 135,000 -36,800 219,700 Fair Value 45,000 37,000 50,000 110,000 242,000 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 60,000 12,500 35,000 72,000 125,000 100,000 60,000 95,000 98,000 550,000 55,000 12,500 35,000 32,000 50,000 35,200 219,700 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 retained earnings be in the balanced sheet of combined company immediately after the combination? (5 points)