The balance sheets of Palisade Company and Salisbury Corporation were as follows on (10 MARKS) December 31, 2004: Palisade Salisbury Current Assets $1,040,000 S480,000 Equipment-net 1,760,000 1,920,000 Buildings-net 2,400,000 800,000 Land 400,000 800,000 Total Assets 5,600,000 4,000,000 Current Liabilities 400,000 480,000 Common Stock, $5 par 4,000,000 1,600,000 Paid-in Capital 400,000 1,120,000 Retained Earnings 800,000 800,000 Total Liabilities and Stockholders' 5,600,000 4,000,000 equity On January 1, 2005 Palisade issued 120,000 of its shares with a market value of $40 per share in exchange for all of Salisbury's shares, and Salisbury was dissolved. Palisade paid $20,000 to register and issue the new common shares. It cost Palisade $50,000 in direct combination costs, Book values equal market values except that Salisbury's land is worth $800,000. Salisbury has customer List with a fair value of $200,000. Required: 1. Prepare all the general journal entries required to purchase Salisbury? 5 marks 2. Assume the purchase price was $20 per share Prepare general journal entries required? 5 marks