On $\frac{1}{1}\frac{?}{2020},x$ Company acquired $100\%$ of $Y$ Company's Net assets for $$150,000$ cash. The Book value of Y$\text{'}$s Net assets was equal to the fair value of $Y$ Company's net assets at the date of acquisition except for Land $($included in fixed assets$)$ its market value was less than the book value by $$1,000,$ the balance sheet data at $\frac{1}{1}\frac{?}{2020},$ are as follows:

$\backslash$table$[[$item$,$X co$,$Y co$],[$cash$,404,000,150,000],[$Fixed assets,$100,000,66,000],[$Liabilities$,144,000,72,000],[$Common stock,$120,000,60,000],[$Retained earning,$240,000,84,000]]$

required: if the acquisition are merger record the journal entries and prepare $x$ balance sheet after the merger