Question 2 (50 points). On June 1, 2022, Park Corporation acquired Shark Corporation's net assets by paying 175,000 cash. Balance sheet data for the Park & Shark and fair value information for Shark immediately before the business combination are given below: Assets Cash & receivables Park Book Value 250,000 Shark Book Value Fair Value 35,000 35,000 Inventory Land 100,000 58,300 62,000 75,000 33,500 37,700 Plant, Property and Equipment 250,000 120,000 110,000 Less: Accumulated Depreciation Total -95,000 -36,800 580,000 210,000 244,700 Liabilities and Stockholders' Equity Accounts Payable 72,000 35,000 Notes Payable 125,000 13,000 Bonds payable 100,000 35,000 37,500 13,000 35,000 Common Stock Retained Earnings Total Required: 160,000 75,000 123,000 52,000 580,000 210,000 a. Prepare the journal entry to record the acquisition of Shark Corporation. (35 points). b. What would the balance of inventory be in the balanced sheet of combined company immediately after the business combination? (5 points). c. What would the balance of accounts payable be in the balanced sheet of combined company immediately after the business combination? (5 points). d. What would the balance of common stock be in the balanced sheet of combined company immediately after the business combination? (5 points).