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Question 2 (50 points). On June 1, 2022, Park Corporation acquired Shark Corporation's net assets by paying 175,000 cash. Balance sheet data for the Park & Shark and fair value information for Shark immediately before the business combination are given below: Assets Cash & receivables Inventory Land Plant, Property and Equipment Less: Accumulated Depreciation Total Liabilities and Stockholders' Equity Accounts Payable Notes Payable Bonds payable Common Stock Retained Earnings Total Required: Park Book Value 250,000 100,000 75,000 250,000 -95,000 580,000 72,000 125,000 100,000 160,000 123,000 580,000 Shark Book Value 35,000 58,300 33,500 120,000 -36,800 210,000 35,000 13,000 35,000 75,000 52,000 210,000 Fair Value 35,000 62,000 37,700 110,000 244,700 37,500 13,000 35,000 a. Prepare the journal entry to record the acquisition of Shark Corporation. (35 points). b. What would the balance of inventory be in the balanced sheet of combined company immediately after the business combination? (5 points). c. What would the balance of accounts payable be in the balanced sheet of combined company immediately after the business combination? (5 points). d. What would the balance of common stock be in the balanced sheet of combined company immediately after the business combination? (5 points)