On January 1 2023 the stockholder of ayayai and blossom agreed to a consolidation. Because FASB require that one part be recognized as the acquirer and the other as the acquiree, it was agreed that ayayai was acquiring blossom. Ayayai agreed to issue 22000 shares of it $10 par stock to acquire all the net assets of blossom at a time when fair value of ayayai common stock was $15 per share. On the date of consolidation, the fair value of the blossom current and liabilities were equal toothier book value. The fair value of the plant and the equipment was however $164000. Ayayai will incur $22000 of direct acquisition cost and $6600 in stock issue costs. Prepare the journal entries on the books of ayayai to record the acquisition of blossom company net assets.

Account Titles and Explanation Debit Debit Credit Credit (To record assets and liabilities acquired) (To record the direct acquisition costs) (To record the stock issue costs)