Exercise 3-8

Peep Inc. acquired 100% of the outstanding common stock of Shy Inc. for $2,262,400 cash and 14,060 shares of its common stock ($2 par value). The stocks market value was $39 on the acquisition date. Prepare the journal entry to record the acquisition. (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