On January 1, Dynamic Inc. acquired 90% of the outstanding common stock of Prestige Inc. paying $7,000,000 cash. The book values and fair values of Dynamics assets and liabilities are listed below:

	Book Value	Fair Value
Accounts receivable	$1,000,000	$ 925,000
Property, plant, and equipment	5,000,000	7,000,000
(Accumulate Depreciation PPE)	(1,200,000)
Research and Development in Progress	0	2,400,000
Accounts payable	1,800,000	1,800,000
Notes payable	2,700,000	1,875,000
Non-controlling Interest		600,000

Required:

Prepare the journal entry to record the acquisition by Dynamic Inc.