Help please with this question Required:Record the combination on Power Boogie's books assuming that Power Boogie issued 9,000 of its $10 par common shares inexchange for Shoot-Toot's assets and liabilities.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.NoAEvent1Answer is not complete.General JournalCashAccounts receivableInventoryPlant and equipmentOther assetsGoodwillAllowance for uncollectible accountsAccounts payableNotes payableMortgage payableBonds payableCapital stockAdditional paid-in capitalDebit30017,000Credit Following are the balance sheets of Power Boogie Musical Corporation and Shoot-Toot Tuba Company as of December 31, 20X5.AssetsCashAccounts ReceivableAllowance for Uncollectible AccountsInventoryPlant and EquipmentAccumulated DepreciationOther AssetsTotal AssetsAssetsCashAccounts ReceivableAllowance for Uncollectible Accounts.InventoryPlant and EquipmentAccumulated DepreciationOther AssetsTotal AssetsPOWER BOOGIE MUSICAL CORPORATIONBalance SheetDecember 31, 20X5$ 23,00085,000Liabilities and EquitiesAccounts PayableNotes Payable(1,200) Mortgage Payable192,000 Bonds Payable980,000 Capital Stock ($10 par)(160,000) Additional paid-in capitalRetained Earnings14,000$ 1,132,800 Total Liabilities and EquitiesSHOOT-TOOT TUBA COMPANYBalance SheetDecember 31, 20X5Liabilities and EquitiesAccounts Payable$ 30017,000Notes Payable(600) Mortgage Payable78,500 Bonds Payable451,000 Capital Stock ($50 par)(225,000) Additional paid-in capitalRetained Earnings25,800$ 347,000Total Liabilities and Equities$ 48,00065,000200,000200,000500,0001,000118,800$ 1,132,800$ 8,20010,00050,000100,000100,000150,000(71,200)$ 347,000In preparation for a possible business combination, a team of experts from Power Boogie Musical made a thorough examination andaudit of Shoot-Toot Tuba. They found that Shoot-Toot's assets and liabilities were correctly stated except that they estimateduncollectible accounts at $1,400. The experts also estimated the market value of the inventory at $35,000 and the market value of theplant and equipment at $500,000. The business combination took place on January 1, 20X6, and on that date Power Boogie Musicalacquired all the assets and liabilities of Shoot-Toot Tuba. On that date, Power Boogie's common stock was selling for $55 per share.Required:Record the combination on Power Boogie's books assuming that Power Boogie issued 9,000 of its $10 par common shares inexchange for Shoot-Toot's assets and liabilities.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Investment in Associates and Joint venture and Subsidiary Equity Accounting method - This method is…

Following are the balance sheets of Power Boogie Musical Corporation and Shoot-Toot Tuba Company as of December 31, 20X5. POWER BOOGIE MUSICAL CORPORATION Balance Sheet December 31, 20X5 Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Plant and Equipment Accumulated Depreciation Other Assets Total Assets Assets Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Plant and Equipment Accumulated Depreciation Other Assets Total Assets Liabilities and Equities $ 23,000 Accounts Payable 85,000 Notes Payable (1,200) Mortgage Payable 192,000 Bonds Payable 980,000 Capital Stock ($10 par) (160,000) Additional paid-in capital 14,000 Retained Earnings $ 1,132,800 Total Liabilities and Equities SHOOT-TOOT TUBA COMPANY Balance Sheet December 31, 20x5 Liabilities and Equities $ 300 Accounts Payable 17,000 Notes Payable (600) Mortgage Payable 78,500 Bonds Payable 451,000 Capital Stock ($50 par) (225,000) Additional paid-in capital 25,800 Retained Earnings $347,000 Total Liabilities and Equities $ 48,000 65,000 200,000 200,000 500,000 1,000 118,800 $1,132,800 $ 8,200 10,000 50,000 100,000 100,000 150,000 (71,200) $ 347,000 In preparation for a possible business combination, a team of experts from Power Boogie Musical made a thorough examination and audit of Shoot-Toot Tuba. They found that Shoot-Toot's assets and liabilities were correctly stated except that they estimated uncollectible accounts at $1,400. The experts also estimated the market value of the inventory at $35,000 and the market value of th plant and equipment at $500,000. The business combination took place on January 1, 20X6, and on that date Power Boogie Musical acquired all the assets and liabilities of Shoot-Toot Tuba. On that date, Power Boogie's common stock was selling for $55 per share. Required: Record the combination on Power Boogie's books assuming that Power Boogie issued 9,000 of its $10 par common shares in exchange for Shoot-Toot's assets and liabilities. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.