Supplemental Problem 15-4 Quasi Reorganization Davis Corporation has incurred losses from operations for several years. At the recommendation of the newly hired president, the board of directors voted to implement a quasi-reorganization, subject to stockholder approval. Immediately prior to the restatement, on June 30, Davis's balance sheet was as follows: The stockholders approved the quasi-reorganization effective July 1. It was determined that Other Assets had a fair value of $50,000 and Property, Plant, and Equipment (net) a fair value of $1,000,000. Required: Make the necessary journal entries to complete the quasi-organization, adjusting the capital structure as necessary but without a stockholder assessment