P issues 20,000 shares in exchange for 100% of S's Common equity. The FV of P's equity is $35/sh. The stock has a par value of $1/sh. The company incurs $25,000 is stock issuance and registration costs. Prior to the purchase of S's shares P and S's balance sheets are as follows: DR (CR) S DR (CR) PreAcquisition Balance Sheets P Cash 60,000 Receivables 150,000 Patented Technology 400,000 Equipment (net) 840,000 Goodwill 50,000 Totals 1,500,000 50,000 65,000 115,000 60,000 10,000 300,000 Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings Totals (110,000) (370,000) (50,000) (110,000) (860,000) (1,500,000) (40,000) (50,000) (50,000) (60,000) (100,000) (300,000) Prepare P's journal entry(ies) to record the purchase of S's common equity