On January 1, 20X2, Prost Company acquired all of SKK Corporation's assets and liabilities by issuing 25,200 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 Cash & Receivables Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets Historical Cost $ 19,000 100,000 603,000 (227,000) Fair Value $ 19,000 105,000 465,000 $589,000 $ 495,000 Accounts Payable $ 60,000 Notes Payable 83,000 $ 60,000 81,000 Common Stock ($10 par value) 168,000 Retained Earnings 184,000 Total Liabilities & Equities $ 495,000 Prost paid legal fees for the transfer of assets and liabilities of $16,000. Prost also paid audit fees of $22,000 and listing application fees of $13,000, 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.)