Question 2: (7.5 points): B1, C1, C3 On December 31, 2019, P company issued 30,000 shares of its $2par common stock (current fair value $10 a share) to stockholders of S company in exchange for 70% of the 50,000 outstanding shares of S's $5 par common stock in a business combination Out of pocket costs of the business combination paid by P on December 31, 2019 Finder's & legal fees $10,000 and Registration Costs $22,000. Balance Sheet of P Corporation and s Company for the year ended December 31, 2019, prior to consummation of the business combination, follows: P CORPORATION AND S COMPANY Separate Financial Statements (prior to business combination) For Year Ended December 31, 2019 P Corp. S Comp Balance Sheets Assets Cash 550.000 $20.000 Inventories $20,000 $10.000 Other Current Assets 100,000 560,000 Plant Assets Net) 5400.000 $200,000 Goodwill (net) $20,000 $0 Total Assets 590.000 290.000 Liabilities and Stockholders' Equity Income Taxes Payable 10,000 5.000 Other Liabilities $20.000 $10,000 Common Stock. $2par 150.000 Common Stock $5 par $250,000 Additional Paid-In Capital 100.000 15.000 Retained Earnings $300,000 $10,000 Total Liabilities & Stockholders Equity 590,000 290,000 On December 31 2019, the current fair values of S company's identifiable assets and liabilities were the same as their carrying amounts Instructions: 1. Prepare the journal entries for the business combinations on 31 12 2019. (2.6 Points) 2. Prepare the consolidated balance sheet without a working paper on 31 12 2019. ( Points)