I am looking at Problem 2-1 in the textbook (Advanced Accounting 5th Edition) which states that we need to prepare journal entries. The condensed balance sheets gives the following:

	Phillips	Solina
Current assets	180,000	85,000
Plant and equip	450,000	140,000
Total assets	630,000	225,000
Total Liabilities	95,000	35,000
Common stock $10 par value	350,000	160,000
Other contributed capital	125,000	53,000
Retained Earnings (deficit)	60,000	-23,000
Total Liab and Equity	630,000	225,000

The following is what I am coming up as my solution for my journal entries:The plant & equip has a fair value of $150,000 on date of consolidation and Phillips, who is the acquiring Solina, incurred direct acquisition cost of $20,000 and stock issue cost $6,000. Phillips has agreed to issue 20,000 shares of its $10 par stock to acquire all the net asset of Solina at a time when the fair value was at $15 per share.

total current asset	85,000
total plant & equip	15,000
acquisition fees	20,000
security issue cost	6,000
Goodwill	100,000
total liabilities		35,000
common stock (20,000 x $10)		200,000
common stock (20,000 x ($15 - 10))		100,000

Would greatly appreciate any help on this.

Regards,

Dee