Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,000 shares of Pamrod's $16 par value common stock. Balance sheet data for both companies just before the merger are given as follows: Balance Sheet Items Assets Pamrod Manufacturing Book Value Fair Value $ 71,000 } 118,000 383,000 80,000 557,000 $1,209,000 $ 54,000 316,000 Stafford Industries Book Value Fair Value $ 30,000 } 54,000 152,000 22,000 347,000 $ 30,000 54,000 106,000 55,000 401,000 (140,000) $ 506,000 $ 6,000 150,000 $605,000 $ 6,000 142,000 Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock: $ 71,000 118,000 206,000 65,000 607,000 (245,000) $ 822,000 $ 54,000 306,000 198,000 $16 par value $5 par value Additional Paid-In Capital Retained Earnings Total Liabilities & Equities 29,000 235,000 $ 822,000 83,000 18,000 249,000 $ 506,000 Pamrod shares were selling for $150 on the date of acquisition. Required: a. Prepare a Journal entry to record the acquisition in Pamrod's books. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)