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Exercise 3-2 On January 1, 2014, Polo Company purchased 100% of the common stock of Save Company by issuing 39,380 shares of its (Polo's) $10 par value common stock with a market price of $16.20 per share. Polo incurred cash expenses of $21,670 for registering and issuing the common stock. The stockholders' equity section of the two companies' balance sheets on December 31, 2013, were: Common stock, $10 par value Other contributed capital Retained earnings Polo Save $336,800 $296,060 642,920 165,040 373,490 176,856 (a) Prepare the journal entry on the books of Polo Company to record the purchase of the common stock of Save Company and related expenses. (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 SHOW LIST OF ACCOUNTS 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