Pun Corporation concluded the fair value of Slender Company was $60,000 and paid that amount to acquire its net assets. Slender reported assets with a book value of $55,000 and fair value of $71,000 and liabilities with a book value and fair value of $20,000 on the date of combination. Pun also paid $4,000 to a search firm for finder’s fees related to the acquisition.

Required

Give the journal entries to be made by Pun to record its investment in Slender and its payment of the finder’s fees.