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Exercise 3-4 On January 1, 2013, Peach Company issued 1,510 of its $20 par value common shares with a fair value of $56 per share in exchange for the 2,110 outstanding common shares of Swartz Company in a purchase transaction. Registration costs amounted to $1,609, paid in cash. Just prior to the acquisition, the balance sheets of the two companies were as follows: Cash Accounts receivable (net) Inventory Plant and equipment (net) Land Total assets Peach Company Swartz Company $74,140 $11,760 90,800 18,630 61,310 25,160 85,520 41,710 28,000 23,950 $339,770 $121,210 Accounts payable Notes payable Common stock, $20 par value Other contributed capital Retained earnings Total equities $63,340 83,130 104,900 63,070 25,330 $339,770 $16,290 20,740 42,200 26,100 15,880 $121,210 Any difference between the book value of equity and the value implied by the purchase price relates to goodwill. (a) Prepare the journal entries on Peach Company's books to record the exchange of stock. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record exchange of stock) (To record registration costs) 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