Acquisition Cost 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 arc 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