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Exercise 3-8 Peep Inc. acquired 100% of the outstanding common stock of Shy Inc. for $2,698,800 cash and 16,390 shares of its common stock ($2 par value). The stock's market value was $37 on the acquisition date. Prepare the journal entry to record the acquisition. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Payable Accounts Receivable Acquisition Costs Payable Acquisition Expense Additional Paid-in Capital Bonds Payable Buildings Cash Common Stock Deferred Acquisition Charges Deferred Tax Asset Deferred Tax Liability Difference Between Implied And Book Value Discount on Bonds Payable Gain on Purchase of Business - Pool Goodwill Income Tax Payable Interest Receivable from Subsidiary Inventory Investment in Rent.com Investment in Rob Co. Investment in Sara Co. Investment in Save Investment in Seely Company Investment in Shah Company Investment in Shipley Company Investment in Shy Inc. Investment in Spruce Company Investment in Starless Company Investment in Sun Company Investment in Swartz Company Land Long-term Receivable from Subsidiary Merchandise Inventory Mortgage Payable No Entry Noncontrolling Interest Notes Payable Notes Receivable Other Contributed Capital Patents Plant and Equipment Premium on Bonds Payable Prepaid Insurance Retained Earnings Treasury Stock