Alpha Corp. acquired all of the net assets of Beta Corp. on January 15, 2021, in an acquisition reported as a merger. The fair values of Beta Corp.’s identifiable net assets at the date of acquisition are as follows:

Tangible assets	$30,000,000
Intangible assets	$70,000,000
Liabilities	$50,000,000

Alpha pays $120 million in cash and issues 2,000,000 shares of stock to the former owners of Beta. Alpha’s stock has a par value of $2/share. The market price of the shares at the date of acquisition, $50/share, is used to value the shares issued. Registration fees for the stock are $800,000, and legal and consulting fees connected with the acquisition are $1,000,000, both paid in cash.

Required: Record the acquisition on January 15, 2021.