The condensed balance sheets of John Ross Company immediately before and one yea

The condensed balance sheets of John Ross Company immediately before and one year after it had completed a quasi-reorganization appear below:For the year following the quasi-reorganization John Ross Company reported net income of $190000 depreciation expense of $80000 and paid a cash dividend of $30000. As part of the quasi-reorganization the company wrote down inventories by $120000. No purchases or sales of plant assets and no stock transactions occurred in the year following the quasi-reorganization.InstructionsPrepare all the journal entries made at the time of the quasi-reorganization.