Smyth Company was acquired by Radar Corporation on July 1, 20X1. Radar exchanged 40,000 shares of its $4 par stock, with a fair value of $12 per share, for the net assets of Smyth Company. Radar incurred the following costs as a result of this transaction: Acquisition costs.. Stock registration and issuance costs. Total costs... $24,000 16.000 40.000 The balance sheet of Smyth Company, on the day of the acquisition, was as follows: Smyth Company Balance Sheet as of July 1, 20X1 Assets Liabilities and Equity $ 67,000 Current liabilities......... $102,000 124,000 Bonds payable... 418,000 Stockholders' equity. Common stock.... $150,000 Cash. Inventory... Property, plant and equipment: Land.. $175,000 Buildings (net).. 193,000 Equipment (net).. 180.000 548.000 Total assets.. $739.000 The appraised fair values of July 1, 20X1, are as follows: Inventory... Land.. Buildings.. Equipment.. Current liabilities. Bonds Payable... Paid-in capital in excess of par. 38,000 Retained earnings... 31.000 219.000 Total liabilities and equity... $.739.000 $107,000 206,000 182,000 136,000 93,000 425,000 1. Record the acquisition of Smyth Company on the books of Radar Corporation. 2 Record the sale of the net assets on the books of Smyth Company. 3. Record the acquisition of 100% of the common stock of Smyth Company on Radar's books. Smyth Company will remain a separate legal entity