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 Trial Balance 175,000 255,000 (65,000) (300,000) Sutter Trial Balance 70,000 105,000 (45,000) Sutter Fair Mkt Values 75,000 144,000 (45,000) Current assets Noncurrent assets (net) Liabilities Common Stock (Par) $25 Common Stock (Par) $50 Additional paid in capital Retained earnings 1/1/20 Revenues Expenses (10,000) (65,000) (110,000) 120,000 (60,000) (20,000) (30,000) (90,000) 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 $90,000 cash. On that date, the market value of Porter Company's stock was $36 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