On January 1, 2023, Novak Company issued 1,570 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 Pharah Company in a purchase transaction. Registration costs amounted to $2,100, paid in cash. Just prior to the acquisition, the balance sheets of the two companies were as follows:

Prepare a consolidatod halamm- - 1 Prepare a Computation and Allocation Schedule for the difference between book value and value implied by the purchase price. indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit (To record exchange of stock) Credit Credit (To record registration costs) Any difference between the book value of equity and the value implied by the purchase price relates to goodwill