On January 1, 20x2, Prost Company acquired all of SKK Corporation's assets and abilities by issuing 24,000 shares of its 54 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: Balance Sheet Iten Historical Cost Fair Value Cash & Receivables $ 20,000 $ 28,000 Inventory 94,000 122,000 Buildings & Equipment 600,000 470,000 Less: Accumulated Depreciation (240.000 Total Assets 5432,000 5620,000 Accounts Payable 5 41,000 5.41.000 Notes Payable 65,000 63,000 Connon Stock ($10 par value) 160,000 Retained Earnings 216,000 Tatal Liabilities & Equities 5.482,000 Prost paid legal fees for the transfer of assets and liabilities of $14,000. Prost also paid audit fees of $21,000 and listing application fees of $7000, 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.)