Given below is the balance sheet Substack Corporation on January 1,2025: On January 1,2025, Hammond Corporation acquired all of Substack's net assets by issuing 70,000 shares of its \(\$ 5\) par value common stock. The fir visue of Hammond's common stock on that date wes \(\$ 10\) per share. Merger and stock issue costs paid on that date in cash amounted to \(\$ 50,000\) and \(\$ 20,000\), respectively. Just prior to the combination on January 1,2025, an audit team reviewed Substack's financial statements and discovered the following: (41. The fair market value of Substack's inventory is \(\$ 200.000\).(2) The fair maket value of Substack's plant and equipment is \(\$ 425,000\).(3) The present value of Substack's bonds payable is \(\$ 180,000\).(4) The fal value of Substack's remaining assuts and labilities approximate their recorded costs. On the accounting paper provided, record all journal entries on Hammond's books on January 1,2025 related to the business combination.