The July 31, Year 3, balance sheets of two companies that are parties to a business combination are as follows: Current assets Ravinder Corp. Carrying Robin Inc. Carrying 420,300 $ Fair Value 469,200 Amount Amount $ 1,600,600 $ Plant and equipment 1,330,600 1,340,600 Accumulated depreciation (250,300) (500,600) Patents-net 973,200 72,600 $ 2,680,900 $ 1,260,300 Current liabilities Long-term debt Common shares Retained earnings $ 1,360,600 $ 252,600 252,600 480,600 360,300 384,600 720,600 168,600 119,100 478,800 $ 2,680,900 $ 1,260,300 In addition to the assets identified above, Ravinder Corp. attributed a value of $100,600 to a major research project that Robin Inc. was working on. Robin Inc. feels that it is within a year of developing a prototype for a state-of-the-art bio- medical device. If this device can ever be patented, it could be worth hundreds of thousands of dollars. Effective on August 1, Year 3, the shareholders of Robin Inc. accepted an offer from Ravinder Corp. to purchase 80% of their common shares for $1,064,000 in cash. Ravinder Corp.'s legal fees for investigating and drawing up the share purchase agreement amounted to $25,300. Required: (a) Prepare the journal entries in the records of Ravinder Corp. to record the share acquisition and cost of legal fees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list