In preparation for a possible business combination, a team of experts from Power Boogie Musical made a thorough examination and audit of Shoot-Toot Tuba. They found that Shoot-Toot's assets and liabilities were correctly stated except that they estimated uncollectible accounts at $2,000. The experts also estimated the market value of the inventory at $44,000 and the market value of th plant and equipment at $516,000. The business combination took place on January 1, 20X6, and on that date Power Boogie Musical acquired all the assets and liabilities of Shoot-Toot Tuba. On that date, Power Boogie's common stock was selling for $54 per share. Required: Record the combination on Power Boogie's books assuming that Power Boogie issued 9,000 of its $10 par common shares in exchange for Shoot-Toot's assets and liabilities. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field