On January $1,20$X$2,$ Prost Company acquired all of SKK Corporation's assets and liabilities by issuing $25,400$ shares of its $$5$ par value

common stock. At that date, Prost shares were selling at $$22$ per share. Historical cost and fair value balance sheet data for SKK at the

time of acquisition were as follows:

On January $1,20$X$2,$ Prost Company acquired all of SKK Corporation's assets and liabilities by issuing $25,400$ shares of its $$5$ par value

common stock. At that date, Prost shares were selling at $$22$ per share. Historical cost and fair value balance sheet data for SKK at the

time of acquisition were as follows:

Prost paid legal fees for the transfer of assets and liabilities of $$18,000.$ Prost also paid audit fees of $$24,000$ and listing application

fees of $$9,000,$ both related to the issuance of new shares.

Required:

Prepare the journal entries made by Prost to record the business combination.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet