Condensed balance sheets for Phillips Company and Solina Company on January 1, 2013, are as follows:

		Phillips		Solina
Current assets		$197,000		$90,970
Plant and equipment (net)		415,800		135,060
Total assets		$612,800		$226,030
Total liabilities		$102,780		$32,260
Common stock, $10 par value		356,000		145,100
Other contributed capital		126,380		50,440
Retained earnings (deficit)		27,640		(1,770	)
Total liabilities and equities		$612,800		$226,030

On January 1, 2013, the stockholders of Phillips and Solina agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that Phillips was acquiring Solina. Phillips agreed to issue 19,460 shares of its $10 par stock to acquire all the net assets of Solina at a time when the fair value of Phillips common stock was $15 per share. On the date of consolidation, the fair values of Solinas current assets and liabilities were equal to their book values. The fair value of plant and equipment was, however, $144,180. Phillips will incur $21,060 of direct acquisition costs and $6,540 in stock issue costs. Prepare the journal entries on the books of Phillips to record the acquisition of Solina Companys net assets. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
(To record assets and liabilities acquired)
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
(To record the direct acquisition costs)
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
Acquisition Costs Expense Cash Common Stock Current Assets Goodwill Liabilities No Entry Other Contributed Capital Plant and Equipment
(To record the stock issue costs)