Condensed balance sheets for Pina Colada Company and Cullumber Company on January $1,2023,$ are as follows:

On January $1,2023,$ the stockholders of Pina Colada and Cullumber 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 Pina Colada was acquiring Cullumber. Pina Colada

agreed to issue $48,000$ shares of its $$10$ par stock to acquire all the net assets of Cullumber at a time when the fair value of Pina

Colada's common stock was $$15$ per share. On the data of consolidation, the fair values of Cullumber's current assets and liabilities were equal to their book values. The fair value of plan and equipment was, however, $$346,000.$ Pina Colada will invur $$48,000$ of direct acquisition costs and $$14,400$ in stock issue costs. Prepare the journal entries on the books of Pina Colada to record the acquisition of Cullumber Company's net assets.