The condensed balance sheet of Bahrain Company on December 31, 2019, is shown below:

Bahrain Company Balance Sheet (Prior to business combination) As at December 31st, 2019
Assets
Cash	$ 20,000
Other current assets	140,000
Plant assets (net)	740,000
Total assets	$900,000
Liabilities and stockholders Equity
Current liabilities	$ 80,000
Long- term debt	200,000
Common stock, $2 par	180,000
Additional paid in capital	120,000
Retained earning	320,000
Total liabilities and stockholders equity	$900,000

On December 31, 2019, Manama Corporation issued 70,000 common stock of its $6 par value per share (current fair value $10 per share) to acquire all the net assets of Bahrain Company (except cash) in a business combination. The carrying amounts of Bahrain are other current assets and current liabilities were the same as their current fair value. However, current fair values of Bahrains plant assets and long-term debt were $920,000 and $190,000, respectively. Also, on December 31, Manama paid $50,000 out-of-pocket costs in connection with the business combination, of which $20,000 were finder's, accounting, and legal fees directly related to the combination, and $30,000 were costs of registering and issuing the common stock to affect the combination.

Instruction:

Prepare journal entries for Manama Corporation to record its merger with Bahrain Company on December 31^st, 2019. (Disregard income taxes)