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Condensed balance sheets for Sheffield Company and Sheridan Company on January 1, 2023, are as follows: On January 1, 2023, the stockholders of Sheffield and Sheridan agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that Sheffield was acquiring Sheridan. Sheffield agreed to issue 56,000 shares of its $10 par stock to acquire all the net assets of Sheridan at a time when the fair value of Sheffield's common stock was $15 per share. On the date of consolidation, the fair values of Sheridan's current assets and liabilities were equal to their book values. The fair value of plant and equipment was, however, $402,000. Sheffield will incur $56,000 of direct acquisition costs and $16,800 in stock issue costs. Current Assets Other Contributed Capital (To record assets and liabilities acquired) Acquisition Costs Expense (To record the direct acquisition costs) \begin{tabular}{ll|} \hline Common Stock & \\ \hline Cash & \\ \hline \end{tabular}