Immediately prior to the combination, Pintime’s common stock was selling for $14 per share. Pintime incurred direct costs of $142,000 in arranging the business combination and $48,000 of costs associated with registering and issuing the common stock used in the combination.

Required:
Prepare all journal entries that Pintime should have entered on its books to record the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

  
 

Pintime Industries Inc. entered into a business combination agreement with Sydrolized Chemical Corporation (SCC) to ensure an uninterrupted supply of key raw materials and to realize certain economies from combining the operating processes and the marketing efforts of the two companies. Under the terms of the agreement, Pintime issued 180,700 shares of its $2 par common stock in exchange for all of SCC's assets and liabilities. The Pintime shares then were distributed to SCC's shareholders, and SCC was liquidated. Immediately prior to the combination, SCC's balance sheet appeared as follows, with fair values also indicated: