Organic Juices, Inc. acquires Healthy Snax Corporation by issuing 1,000,000 shares of common stock ($10 par value, $50 fair value). Healthy Snax is dissolved as a separate legal entity. Healthy Snax balance sheet at the date of acquisition is as follows (in millions):

Current assets $10 Current liabilities $12

Plant and equipment 65 Long-term debt 36

Patents 5 Common stock 18

Retained earnings 24

Treasury stock (10)

Total assets $80 Total liabilities and equity $80

A consulting firm values Healthy Snax plant and equipment at $70 million and its patents at $15 million. Consulting fees of $1 million and stock issuance costs of $0.5 million were incurred.

Prepare the journal entry (or entries) Organic Juices makes to record its acquisition of Healthy Snax.