Acquisition and Eliminating Entries

Potluck Corp. acquired all of the stock of Sauers Corp. on June 30, 2022, in an acquisition reported as a stock acquisition. Sauers trial balance at the date of acquisition, along with the fair values of its assets and liabilities, are:

Potluck pays $99 million in cash and issues 1,650,000 shares of stock to the former owners of Sauers. Potlucks stock has a par value of $0.01 /share. The market price of the shares at the date of acquisition, $39 /share, is used to value the shares issued. Registration fees for the stock are $550,000 and legal and consulting fees connected with the acquisition are $660,000, both paid in cash.

Required

Note: Enter all zeros with your numerical answers, do not abbreviate your answers in thousands or in millions.