Palmer Company issued 20,000 shares of its $10 par value common stock for the net assets of Sadie Company in business combination under which Sadie Company will be merged into Palmer Company.On the date of the combination, Palmer Company common stock had a fair value of $35 per share.Balance sheets for Palmer Company and Sadie Company immediately prior to the combination were as follows:

Palmer Sadie

Current Asset $1,525,000 $202,000

Plant and Equipment (net) 625,000 388,000

Total $2,150,000 $590,000

Liabilities $700,000 $160,000

Common Stock, $10 par value 650,000 150,000

Other Contributed Capital 520,000 80,000

Retained Earnings 280,000 200,000

Total $2,150,000 $590,000

If the business combination is treated as an acquisition and the fair value of Sadie Company's current assets is $350,000, its plant and equipment is $475,000, and its liabilities are $200,000.

What journal entry will Palmer Company make on the date of acquisition (using the account names as presented above)? Please note this is NOT an "elimination" entry.