4. Peak Performance Wear, Inc. purchased the net assets of Climb Higher Clothing on January 1, 2019, for $6,000,000. Peak Performance Wear incurred direct costs of $50,000 in completing the acquisition. At the acquisition date, Climb Higher Clothing reported the following and fair value data: Balance Sheet Item Book Value Fair Value Cash and Receivables Inventory Buildings and Equipment, net Total Assets $ 250,000 2,000,000 3,500,000 $5,750,000 $ 250,000 3,000,000 4,000,000 $7.250,000 $ 300,000 Accounts Payable Common Stock APIC Retained Earnings Total Liabilities and Equity $ 300,000 700,000 4,000,000 750,000 $5,750,000 Required: Prepare the journal entry or entries that Peak Performance Wear would make to record the acquisition