The Apalachicola Co. has following balances in its accounting records at December 31, 20X Common Stock, $50 par, 20,000 shares outstanding Paid In Capital in Excess of Par Retained Earnings (Deficit) 1,000,000 50,000 300,000) A quasi-reorganization was approved by the company's board of directors. The new par value of the common stock will be $30 a share, plant assets are to be written down $80,000, and inventory is to be increased by $7,500. REQUIRED: (1) Prepare, in proper general journal form, the journal entries that will be required by the company in order to accomplish the quasi reorganization. Provide a brief explanation for each entry made. Prepare the stockholders' equity section of the balance sheet, in good form, for the company immediately after the quasi reorganization (2)