On January 1, 20X5, Brown Inc. acquired Larson Company's net assets in exchange for Brown's common stock with a par value of $100,000 and a fair value of $800,000. Brown also paid $10,000 in direct acquisition costs and $15,000 in stock issuance costs.

On this date, Larson's condensed account balances showed the following:

	Book Value	Fair Value
Current Assets	$280,000	$370,000
Plant and Equipment	440,000	480,000
Accumulated Depreciation	(100,000)
Intangibles Patents	80,000	120,000
Current Liabilities	(140,000)	(140,000)
Long-Term Debt	(100,000)	(110,000)
Common Stock	(200,000)
Other Paid-in Capital	(120,000)
Retained Earnings	(140,000)

Required:

Record Brown's purchase of Larson Company's net assets.