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On May 1, Soriano Co reported the following account balances along with their estimated fair values Receivable Inventory Copyright Patented technology Total at Current abilities Long-term 1 abilities common stock Retained ning Potal abilities and equities Caring Amount Fair Value 107,100 107, 100 79,400 79,400 126,500 502,500 654.000 649000 1242000 31,410,000 232,000 232,000 695,000 603,000 100,000 220.000 5 1,247.000 On that day, Zambrano paid cash to acquire all of the assets and mobilities of Soriano, which will cease to exist as a separate entity. To facilitate the merger, Zambrano also paid $140,000 to an investment banking firm The following information was also available Zambrano further agreed to pay an extra $85,200 to the former owners of Soriano only if they meet certain revenue goals during the next two years. Zombrano estimated the present value of its probability adjusted expected payment for this contingency at $42,600 Soriano has a research and development project in process with an oppraised value of $211,500. However, the project has not yet reached technological feasibility and the project's assets have no alternative future use. a&b. Prepare Zambrano's Journal entries to record the Soriano acquisition assuming its initial cash payment to the former owners was (0) $646,400 & (6) $761,300. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) Journal entry worksheet Record the expenses related to the combination. Assume its initial cash payment to the former owners was $646,400. Note: Enter debits before credits Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal Journal entry worksheet

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