Current Attempt in Progress Condensed balance sheets for Flounder Company and Sunland Company on January 1, 2023, are as follows: On January 1,2023, tha stochtholders of Flounder und Sunland agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that Fleunder was acpuiring Suriland, Flounder agreet to issut 36,000 shares of its $10 par stock to acquire alt the net assets of Sunland at a time when the fair value of Flourder a corninon stock. was $15 per share. On the date of consolidation, the fair values of Sunland's current assets and liabihties were ecual fo their book values. The fair value of plant and equipment was, however, $262,000. Flounder will incur $36,000 of direct acquisition costs and $10,800 in stockissue costs Question 7 of 11 Account Tittes and Explanation 15i (To record assets and labilities acquired) (To record the direct acquistion costs) (To record the stock kssue costs) Attemets: 0 of 2 used