Palmer Company issued 24,000 shares of its $20 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 $30 per share. Balance sheets for Palmer Company and Sadie Company immediately prior to the combination were as follows:

	Palmer		Sadie
Current Assets	$ 1,314,000		$ 192,000
Plant and Equipment (net)	1,725,000		408,000
Total	$ 3,039,000		$ 600,000
Liabilities	$ 900,000		$150,000
Common Stock, $20 par value	1,650,000		240,000
Other Contributed Capital	218,000		60,000
Retained Earnings	271,000		150,000
Total	$3,039,000		$600,000

If the business combination is treated as an acquisition and the fair value of Sadie Companys current assets is $270,000, its plant and equipment is $726,000, and its liabilities are $168,000, What journal entry will Palmer Company make on the date of acquisition (using the account names as presented above)? Show All Work