Required information [The following information applies to the questions displayed below.) of 2 On January 4, David Company acquired all of the net assets assets and liabilities) of William Company for $140,000 cash. The two companies merged, with David Company surviving. On the date of acquisition, William's balance sheet included the following Balance Sheet at January 4 Cash Property and equipment (net) Total assets Liabilities Common stock (par $5) Retained earnings Total liabilities and stockholders' equity William Company $ 36,000 73,000 $109,000 $ 6.000 30,000 73.000 $109,000 The property and equipment had a fair value of $59,000. William also owned an internally developed patent with a fair value of $6,000 (thus, not recorded as an asset on William's balance sheet). The book values of the cash and liabilities were equal to their fair values. 2. Prepare the journal entry that David would make to record the merger on January 4. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Required information View transaction list Journal entry worksheet Record the merger on January 4. Note: Enter debits before credits. General Journal Debit Credit Date January 04 Record entry Clear entry View general Journal