On January $1,2023,$ Tamarisk Company issued $1,450$ of its $$20$ par value common shares with a fair value of $$60$ per share in exchange

for the $2,000$ outstanding common shares of Sheffield Company in a purchase transaction. Registration costs amounted to $$2,500,$ paid

in cash. Just prior to the acquisition, the balance sheets of the two companies were as follows:

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 Tamarisk Company's books to record the exchange of stock. $($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. List all debitentries before creditenties.$)$

Account Titles and Explanation

Debit

Credit

$($To record exchange of stock$)$

$($To record registration costs$)$

List of Accounts