On January 1, 20X2, Prost Company acquired all of SKK Corporation's assets and liabilities by issuing 24,000 shares of its $4 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: Fair Value $ 28,000 122,000 470,000 Balance Sheet Item Cash & Receivables Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Notes Payable Common Stock ($10 par value) Retained Earnings Total Liabilities & Equities Historical Cost $ 28,000 94,000 600,000 (240,000) $ 482,000 $ 41,000 65,000 160,000 216,000 $ 482,000 $620,000 $ 41,000 63,000 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 $7,000, 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.) View transaction list Journal entry worksheet Record the payment of legal fees. View transaction list Journal entry worksheet Record the purchase of SKK Corporation. Note: Enter debits before credits