Here are the trial balances for the Porter Co. and the Sutter Co. just before the books were closed on December 31, 2020. Fair market values for selected Sutter Co. accounts are shown. Porter Sutter Sutter Trial Trial Fair Mkt Balance Balance Values Current assets 175,000 70,000 75,000 Noncurrent assets (net) 255,000 105,000 140,000 Liabilities (65,000) (45,000) (45,000) Common Stock (Par) $15 (300,000) Common Stock (Par) $30 (60,000) Additional paid in capital (10,000) (20,000) Retained earnings 1/1/20 (65,000) (30,000) Revenues (110,000) (90,000) Expenses 120,000 70,000 On December 31, 2020, Porter Co. purchased 100% of Sutter Company's stock by issuing 4,500 shares of its own stock and paying $100,000 cash. On that date, the market value of Porter Company's stock was $24 per share. There were no combination costs or stock issuance costs. Sutter Co. was dissolved immediately after the takeover and no longer existed independently. Make all necessary journal entries in Porter Company's records to recognize this acquisition.