At December 31, 2020, Pandora Incorporated issued 40,000 shares of its $20 par common stock for all the outstanding shares of the Sophie Company. In addition, Pandora paid $10,000 in stock issue costs, $40,000 in legal fees. Summarized balance sheet and fair value information for Sophie immediately prior to the acquisition follows. Book Value Fair Value Cash Accounts Receivable $100,000 $100,000 280,000 250,000 Inventory 520,000 640,000 Buildings and Equipment (net) 750,000 870,000 Trademarks and Tradenames 0 500,000 Total Assets $1,650,000 Accounts Payable $200,000 $190,000 Notes Payable 900,000 900,000 Retained Earnings 550,000 Total Liabilities and Equity $1,650,000 Required: Prepare Pandora's general journal entry for the acquisition of Sophie assuming that Pandora's stock was trading at $30 at the date of acquisition and Sophie dissolves as a separate legal entity.