rockland roads acquired all the outstanding common stock of huntsman for $68,000 in cash. The book values and fair values of Huntman's assets and liabilities were as follows:

Book value: Current assets = $24,000

PPE = 44,000

Other Assets = 4,000

Current Liabilities = 16,000

long-term liabilities = 24,000

Fair Value: Current Assets = 30,000

PPE = 56,000

Other assets = 6,000

current liabilities = 16,000

Long term liabilities = 22,000

1. make the journal entry for rockland roads to record purchase

2. make JE for huntsman to record the sale