HC Corporation issued 7,500 shares of its $2 par value common stock at a market price of $20 per share to acquire all the outstanding common stock of Barry Corporation. HC paid $2,800 of legal fees for this business combination and $1,700 for issuing the securities. Barry was merged into HC and dissolved. Information for Barry Corporation immediately before the merger was as follows:

	Book value	Fair value
Cash	2,000	2,000
Building	30,000	25,000
Patents		7,000
Total	32,000	34,000
Accounts payable	5,000	5,000
Common stock	2,000
Add. paid-in capital	10,000
Retained earnings	15,000
Total	32,000

Prepare the journal entries on HC Corporations books to account for the business combination.

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