Assume that Palmer Company issued 10,000 shares of its $5 par value common stock for 100% of the outstanding shares of Sandy Company. The fair value of a share of the Palmer Company stock is $15. Palmer Company also paid $12,000 in accounting and legal fees to complete the purchase and $20,000 to record and register de stock in the SEC. Required: Make the necessary analysis and entries that Palmer Company would make to record the purchase including the entry to record the costs of the acquisition