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  3. i.on january 2, 2021, prior corporation pays $380,

I.On January 2, 2021, Prior Corporation pays $380,000 and issues 60,000 of its stock with...

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I.On January 2, 2021, Prior Corporation pays $380,000 and issues 60,000 of its stock with a market value of $32 per share for all the outstanding shares of Vick Corporation and Vick is dissolved: Prior also paid: Comparative Balance Sheets before the merger are as follows(in thousands) All of the book values reflect fair values, except for the account receivable of Vick, wich have a fair value of $150,000, the Land of Prior wich have a fair value of $800,000, the inventory of Vick wich have a fair value of $400,000, the building of Vick wich have a fair value of $1,200,000 and Vick's accounts payable wich have a fair value of $130,000. Required: 1. Prepare all journal entries on Prior's books to record the acquisition. 2. Prepare the balance sheet of Prior Corporation immediately after the acquisition. 3. Assuming that the shares issued by Prior had a market value of $40 per share: a. Prepare all journal entries on Prior's books to record the acquisition. b. Prepare the balance sheet of Prior Corporation immediately after the acquisition

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