Kappa Corp. acquired all of the net assets of Lambda Corp. on December 15, 2017, in an acquisition reported as a merger. The fair values of Lambda Corp.’s identifiable net assets at the date of acquisition are as follows:

Tangible assets	$25,000,000
Intangible assets	$65,000,000
Liabilities	$45,000,000

Kappa pays $110 million in cash and issues 1,200,000 shares of stock to the former owners of Lambda. Kappa’s stock has a par value of $2/share. The market price of the shares at the date of acquisition, $35/share, is used to value the shares issued. Registration fees for the stock are $600,000, and legal and consulting fees connected with the acquisition are $850,000, both paid in cash.

Required: Record the acquisition on December 15, 2017.