Question 2 (50 points). On January 1, 2022, Positive Corporation acquired Super Corporation's net assets by paying 205,000 cash. Balance sheet data for the positive & Super and fair value information for Super immediately before the business combination are given below: Positive Super Book Value Book Value 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 85,000 60,000 150,000 35,500 300,000 -67,500 563,000 Fair Value 29,000 42,500 103,500 20,000 105,000 27,500 48,000 97,500 0 135,000 -53,000 255,000 300,000 48,500 75,000 73,500 122,000 100,000 95,500 172,000 563,000 42,500 75,000 40,000 65,000 32,500 255,000 Required: a. Prepare the journal entry to record the acquisition of Super 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)