Supernova Company had the following summarized balance sheet on December 31 of the current year. Assets Accounts receivable $ 200,000 Inventory 450,000 Property and plant (net) 600,000 Goodwill 150,000 Total $1,400,000 Liabilities and Equity Notes payable $ 600,000 Common stock, $5 par 300,000 Paid-in capital in excess of par 400,000 Retained earnings 100.000 Total $1,400,000 The fair value of the inventory and property and plant is $600,000 and $850,000, respectively. Assume that Redstar Corporation exchanges 75,000 of its $3 par value shares of common stock, when the fair price is $20 per share, for 100% of the common stock of Supernova Company. Redstar incurred acquisition costs of $5,000 and stock issuance costs of $5,000. Required: a. What journal entries will Redstar Corporation record for the investment in Supernova and issuance of stock? b. Prepare a supporting value analysis and determination and distribution of excess schedule C. Prepare Redstar's elimination and adjustment entry for the acquisition of Supernova