Record acquisition met assets Jack issved 15,000 shares of now Fy of $15 issuance of stock 3 or c.sa panut of cash 49,00 h p9.cn. a 45 3. On January 1, 2020, Jack and Jill Companies had condensed balance sheets as shown below: Jack Company Company Current Assets $1,000,000 S 500,000 Plant and Equipment (Net) 1.500.000 900.000 $2.500.000 $1.400,000 Current Liabilities $ 200,000 $ 175,000 Long-Term Debt 300,000 200,000 Common Stock, $5 par 1,400,000 400,000 Paid-in Capital in Excess of Par 0 100,000 Retained Earnings 600,000 500.000 $2.500.000 $1,400,000 Required: Record the acquisition of Jill's het assets, the issuance of the stock and/or payment of cash, and payment of the related costs. Assume that Jack issued 15,000 shares of new common stock with a fair value of $15 per share and paid $400,000 cash for all of the net assets of Jill. Acquisition costs of $25,000 and stock issuance costs of $10,000 were paid in cash. Current assets had a fair value of $525,000, plant and equipment had a fair value of $1,000,000, and long-term debt had a fair value of $190,000. Sets: QEND Jill's Assets 400,000 Acquisition cost: 25,000 stock issuance : 10,ooo Assets : 525,000 - Secagnol Cash Goodwill 25,000 Record acquisition met assets Jack issved 15,000 shares of now Fy of $15 issuance of stock 3 or c.sa panut of cash 49,00 h p9.cn. a 45 3. On January 1, 2020, Jack and Jill Companies had condensed balance sheets as shown below: Jack Company Company Current Assets $1,000,000 S 500,000 Plant and Equipment (Net) 1.500.000 900.000 $2.500.000 $1.400,000 Current Liabilities $ 200,000 $ 175,000 Long-Term Debt 300,000 200,000 Common Stock, $5 par 1,400,000 400,000 Paid-in Capital in Excess of Par 0 100,000 Retained Earnings 600,000 500.000 $2.500.000 $1,400,000 Required: Record the acquisition of Jill's het assets, the issuance of the stock and/or payment of cash, and payment of the related costs. Assume that Jack issued 15,000 shares of new common stock with a fair value of $15 per share and paid $400,000 cash for all of the net assets of Jill. Acquisition costs of $25,000 and stock issuance costs of $10,000 were paid in cash. Current assets had a fair value of $525,000, plant and equipment had a fair value of $1,000,000, and long-term debt had a fair value of $190,000. Sets: QEND Jill's Assets 400,000 Acquisition cost: 25,000 stock issuance : 10,ooo Assets : 525,000 - Secagnol Cash Goodwill 25,000