Question: please help! PART 3: Assume that S is not dissolved and assume that P paid $550,000 cash for all of S's outstanding common stock. Also,

please help!
please help! PART 3: Assume that S is not dissolved and assume
that P paid $550,000 cash for all of S's outstanding common stock.

PART 3: Assume that S is not dissolved and assume that P paid $550,000 cash for all of S's outstanding common stock. Also, assume that P paid $30,000 in merger-related consulting and legal expenses relating to this business combination. Further, assume the pre-acquisition data provided on page one. REQUIRED: Record the journal entry or entries required on S's books. (If no entry is required, indicate NO ENTRY REQUIRED.) NOTE: Pre-Acquisition data common to all parts is presented immediately below (unless stated otherwise). "This amount represents the totalyat fair value of S (a.k.a., FMV-S). THUS use this amount when calculating Goodwill or Bargain Purchase Gain

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