Question Two: (8 marks) (BI, CI) The balance sheet of Zain Company on December 31, 2020, prior to its merger with VIVA Corporation, was as follows: ZAIN COMPANY Balance Sheet (prior to business combination) December 31, 2020 Assets Inventories Plant assets (net) Other assets Total assets $250,000 300,000 400,000 $950.000 $950.000 Liabilities & Stockholders' Equity Liabilities $350,000 Common stock, 85 par 150,000 Additional paid-in capital 250,000 Retained carnings 200.000 Total liabilities & stockholders' equity On December 31, 2020, VIVA issued 60,000 of its s5 par (current fair value 513) common stock for all the outstanding common stock of Zain, which was then liquidated. Also, on December 31, 2020, VIVA paid $60,000 out-of-pocket costs in connection with the business combination, of which $25,000 were finder's. accounting, and legal fees directly related to the combination, and $35,000 were costs of registering and issuing the common stock to effect the combination. Current fair values of Zain's inventories and plant assets were $260,000 and $320,000, respectively, other assets and liabilities had current fair values equal to their carrying amounts Instructions: Prepare journal entries on December 31, 2020, for VIVA Corporation to record the business combination with Zain Company. Disregard income taxes. I Page 2