LIIL alyuSILIULUI JUU E 1-4 Journal entries to record an acquisition Pan Company issued 960,000 shares of $10 par common stock with a fair value of $20,400,000 for all the common stock of Set Company. In addition, Pan incurred the following costs: $200,000 Legal fees to arrange the business combination Cost of SEC registration, including accounting and legal fees Cost of printing and issuing net stock certificates Indirect costs of combining, including allocated overhead and executive salaries 96,000 24,000 160,000 Immediately before the acquisition in which Set Company was dissolved, Set's assets and equities were as folon (in thousands): Current assets Plant assets Liabilities Common stock Retained earnings Book Value $ 8,000 12,000 2,400 16,000 1,600 Fair Value $ 8,800 17,600 2,400 REQUIRED: Prepare all journal entries on Pan's books to record the acquisition