Question $1$: $(10$ Points$)$: A$1,$ A$3,$ B$1$

On Dec $31,2024,$ Rama Corporation acquired all the net assets of Salam Corporation directly from the owner for $$600,000$ cash, in a business combination. Rama paid legal fees of $$100,000$ in connection with the combination.

Salam's Balance sheet prior to the business combination shows the following:

Instruction:

$1-$ Prepare journal entries on December $31,2024,$ for Rama Corporation to record the business combination with Salam Company.