Question 2: (7.5 points): B1, C1, C3 Galaf Corporation acquired all the net assets of Jalahma Corporation directly from the shareholders by issuing 20,000 shares of its $10 par common stock (current fair value $20 a share). Galaf paid legal fees of $60,000 in connection with the combination. The condensed balance sheet of Jalahma prior to the business combination, with related current fair value data, is presented below: Current Fair Values Jalahma Corporation (Combine) Balance Sheet (prior to business combination) December 31,2020 Carrying Amounts Assets $ 200,000 100,000 520,000 20,000 $ 840,000 Current assets Investment in securities Plant assets (net) Intangible assets (net) Total Assets $ 190,000 90,000 800,000 50,000 $ 1,130,000 Liabilities and Stockholder's Equity $ 400,000 40,000 $ 440,000 Current liabilities Long-term debt Total liabilities Common stock, $10 par Total stockholders' equity Total liabilities and stockholders' equity $ 300,000 60,000 $360,000 $ 280,000 $ 200,000 $ 840,000 Instruction: 1- Calculate the good well. (2.5 Points). 2- Prepare journal entries on December 31, 2020, for Galaf Corporation to record the business combination with Jalahma Company. Disregard income taxes. (5 Points)