On January 1, 20X2, Prost Company acquired all of SKK Corporations assets and liabilities by issuing 24,200 shares of its $5 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 Item	Historical Cost						Fair Value
Cash & Receivables		$	20,000				$	20,000
Inventory			108,000					108,000
Buildings & Equipment			613,000					466,000
Less: Accumulated Depreciation			(227,000	)
Total Assets		$	514,000				$	594,000
Accounts Payable		$	50,000				$	50,000
Notes Payable			67,000					65,000
Common Stock ($10 par value)			170,000
Retained Earnings			227,000
Total Liabilities & Equities		$	514,000

Prost paid legal fees for the transfer of assets and liabilities of $21,000. Prost also paid audit fees of $26,000 and listing application fees of $14,000, 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.)