Questions 1 to 5 On January 1, 2024, Rain Company exchanges 15,000 shares of its common stock for all of the assets and liabilities of Soriano Company. Each of Rain's shares has a par value of P 4 and a P 50 fair value. Rain also paid P 25,000 in stock registration and issuance costs in connection with the merger. Several of Soriano's accounts have fair values that differ from their book values on this date: Book Values Eair Values Receivables P 65,000 P63,000 Trademarks 95,000 225,000 Record music catalog 60,000 180,000 In-process research and development 0 200,000 Notes payable 50,000 45,000 The balance sheet of the two companies are as follows: Rain Seriang Cash P 60,000 P 29,000 Receivables 150,000 65,000 Trademarks 400,000 95,000 Record music catalog 840,000 60,000 Equipment (net) 320,000 105,000 Totals P1,770,000 P 354,000 Accounts payable P 110,000 P 34,000 Notes payable 370,000 50,000 Common stock 400,000 50,000 Additional paid-in capital 30,000 30,000 Retained earnings 860.000 190,000 Totals P 1,770,000 P 354,000 Soriano will be dissolved and will no longer exist as a legal entity. Required: Immediately after the business combination, the balance of the following under the acquisition method will be: 1. Total Assets a. 2,124,000 C. 2,574,000 b. 2,547,000 d. 2,599,000 2. Total Liabilities a. 84,000 b. 480,000 c564,000 d. 559,000 3. Common Stock a. 50,000 C450,000 b. 400,000 d. 460,000 4. Additional Paid-in capital a. 30,000 c. 695,000 b. 60,000 d.720,000 5. Retained Earnings a. 190,000 C. 860,000 b. 835,000 d. 1,050,000