Question: Prepare the journal entry to record the acquisition on the books of parent for the following: ABC Corporation (parent) acquired 100% of the outstanding common

Prepare the journal entry to record the acquisition on the books of parent for the following:

ABC Corporation (parent) acquired 100% of the outstanding common stock of Oraby Inc. (subsidiary ) for SR 3,000,000 cash and 50,000 shares of its own common stock (SR 1 par value), which was trading SR 30 per share in Saudi stock exchange at the acquisition date in January 1,2021 ?(1.0 mark)

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