Rama Company issued 10,000 shares of $2 par and $10 market value to acquire the total net assets of Reef Company on December 31, 2016. At the acquisition date the total current assets were $50,000; total noncurrent assets were $30,000 and the total liabilities was $10,000. Also, Rama paid $5,000 as merger fees. The current fair values of the assets and liabilities equal to their carrying amounts Instruction: Prepare journal entries on December 31, 2016, for Rama to record the business combination with Reef Company