The stockholders equities of Pal Corporation and Sip Corporation at January 1 were as follows (in thousands): On January 2, Pal issued 300,000 of its shares with a market value of $20 per share for all of Sips shares, and Sip was dissolved. On the same day, Pal paid $10,000 to register and issue the shares and $20,000 for other direct costs of combination. Required: 1- Prepare journal entries on Pals books to record the acquisition 2- Prepare the stockholders equity section of Pal Corporations balance sheet immediately after the acquisition on January 2.