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Pancor Corporation paid cash of $160,000 to acquire Sink Company's net assets on February 1, 20X3. The balance sheet data for the two companies and fair value information for Sink immediately before the business combination were: Pancor Corporation Sink Company Balance Sheet Item Book Value Book Value Fair Value Assets Cash $ 259,000 $ 17,000 $ 17,080 Accounts Receivable 150,000 32,000 32,000 Inventory 172,000 36,000 40,000 Patents 96,000 45,000 54,000 Buildings & Equipment 381,000 326,000 144,000 Less: Accumulated Depreciation (180,000) (190,000) Total Assets $ 878,000 $ 266,800 $287,600 Liabilities & Equities Accounts Payable $ 74,000 $ 62,000 $ 62,000 Notes Payable 133,000 130,000 130,000 Connon Stock: 58 par value 193,000 56 par value 15,000 Additional Paid-In Capital 141,000 6,000 Retained Earnings 337,000 53,000 Total Liabilities & Equities $ 878,000 $ 266,000 Required: a. Prepare the journal entry recorded by Pancor Corporation when it acquired Sink's not assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View Journal entry worksheet No Credit Event General Journal 1 Cash Accounts receivable inventory Dobit 17,000 32,000 40.000 EA Required: a. Prepare the journal entry recorded by Pancor Corporation when it acquired Sink's net assets. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit A 1 17,000 Cash Accounts receivable Inventory Patents Buildings and equipment Goodwill Accounts payable Notes payable Cash 32,000 40,000 54,000 144,000 62,000 130,000 160,000 b. Prepare a balance sheet for Pancor immediately following the acquisition (Amounts to be deducted should be indicated by minus sign.) PANCOR CORPORATION AND SUBSIDIARY Combined Balance Sheet February 1, 20X3 Assets Llabilities and Equities Cash $ 87,800 Accounts receivable Inventory Patents Buildings and equipment Accumulated depreciation Goodwill Total Assets S 87,800 Total Liabilities and Equities $