Supernova Company had the following summarized balance sheet on December 31 of the current year:

Assets
Accounts receivable	$ 350,000
Inventory	450,000
Property and plant (net)	600,000
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.