The July 31 , Year 3 , balance sheets of two companies that are parties to a business combination are as follows: Required: a) Assume that Red made a $960,000 cash payment to the shareholders of Sax for 100% of their shares. (i) Prepare the journal entry(ries) in the records of Red to record the share acquisition. (ii) Prepare the consolidated balance sheet of Red Corp. as at August 1, Year 3 in "good form". Hints: Goodwill =$84,000 Consolidated balance sheet total assets =$3,298,000 The July 31 , Year 3 , balance sheets of two companies that are parties to a business combination are as follows: Required: a) Assume that Red made a $960,000 cash payment to the shareholders of Sax for 100% of their shares. (i) Prepare the journal entry(ries) in the records of Red to record the share acquisition. (ii) Prepare the consolidated balance sheet of Red Corp. as at August 1, Year 3 in "good form". Hints: Goodwill =$84,000 Consolidated balance sheet total assets =$3,298,000