On January 1, 20X2, Prost Company acquired all of SKK Corporations assets and liabilities by issuing 24,800 shares of its $6 par value common stock. At that date, Prost shares were selling at $23 per share. Historical cost and fair value balance sheet data for SKK at the time of acquisition were as follows:

Balance Sheet Item	Historical Cost						Fair Value
Cash & Receivables		$	28,000				$	28,000
Inventory			105,000					105,000
Buildings & Equipment			601,000					453,000
Less: Accumulated Depreciation			(229,000	)
Total Assets		$	505,000				$	586,000
Accounts Payable		$	59,000				$	59,000
Notes Payable			73,000					71,000
Common Stock ($10 par value)			176,000
Retained Earnings			197,000
Total Liabilities & Equities		$	505,000

Prost paid legal fees for the transfer of assets and liabilities of $19,000. Prost also paid audit fees of $23,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)