Pintime Industries Incorporated entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materials and to realize certain economies from combining the operating processes and the marketing efforts of the two companies. Under the terms of the agreement, Pintime issued 180,300 shares of its $1 par common stock in exchange for all of SCC's assets and liabilities. The Pintime shares then were distributed to SCC's shareholders, and SCC was liquidated. Immediately prior to the combination, SCC's balance sheet appeared as follows, with fair values also indicated: Immediately prior to the combination, Pintime's common stock was selling for $15 per share. Pintime incurred direct costs of $149,000 in arranging the business combination and $49,000 of costs associated with registering and issuing the common stock used in the combination. repare all journal entries that should have been entered on SCC's books to record the combination and the distribution of the tock received. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Ivule: cIItel qeuls veIUIt cifuls. Journal entry worksheet Record the retirement of Treasury Stock. Note: Enter debits before credits. Journal entry worksheet Record the retirement of SCC stock and distribution of Pintime Industries stock. Note: Enter debits before credits