Here are the trial balances for the Pressure Co. and the Solution…

Here are the trial balances for the Pressure Co. and the Solution Co. just before the books were closed on December 31, 2022.
Fair market values for selected  Solution Co. accounts are shown.
Pressure Trial BalanceSolution Trial BalanceSolution Fair Market Values
Current assets                    170,000                      75,000                 85,000
Noncurrent assets (net)                    255,000                      95,000               130,000
Liabilities                     (65,000)                    (45,000)               (45,000)
Common Stock (Par)$25                  (300,000)
Common Stock (Par)$50                    (60,000)
Addional paid-in capital                     (10,000)                    (20,000)
Retained earnings 1/1/19                     (60,000)                    (25,000)
Revenues                  (110,000)                    (90,000)
Expenses                    120,000                      70,000
On December 31, 2022, Pressure Co. purchased 100% of Solution Company’s stock by issuing4,500shares of its own
              stock and paying$100,000cash. On that date, market value of Pressure Company’s stock was$36per share.
               There were no combination costs or stock issuance costs.
Solution Co. was dissolved immediately after the take over and no longer existed independently.
Make all necessary journal entries in Pressure Company’s records to recognize this acquisition.

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