On February 16^th, Alpha company purchased all the outstanding shares Omega company for $200,000 in cash and by issuing 20,000 shares of $1 par common stock with a fair value of $15 per share on the acquisition date. In addition, Alpha agreed to pay the former owners of Omega $100,000 if certain performance goals were met over the next five years. Alpha estimates the fair value of this contingency to be $45,000. To facilitate the merger, Alpha paid $30,000 to various professional service organizations. Additional fair value information is provided in the excel file.

Prepare the journal entries associated with this acquisition if the acquisition is a statutory merger.

Prepare the journal entries associated with this acquisition if Omega maintains separate incorporation.