Potluck Corp. acquired all of the net assets of Sauers Corp. on June 30, 2016, in an acquisition reported as a merger. The fair values of Sauers Corp.’s identifiable net assets at the date of acquisition are as follows:

Potluck pays \($100\) million in cash and issues 1,500,000 shares of stock to the former owners of Sauers.
Potluck’s stock has a par value of \($1/share.\) The market price of the shares at the date of acquisition, \($40/
share,\) is used to value the shares issued. Registration fees for the stock are \($750,000,\) and legal and consulting fees connected with the acquisition are \($900,000,\) both paid in cash.

Required 

Record the acquisition on June 30, 2016.

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Tangible assets. Intangible assets. Liabilities.. $25,000,000 90,000,000 55,000,000