Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,400 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 Accounts Receivable Cash Stafford Industries Book Value Fair Value $ 23,000 Pamrod Manufacturing Book Value Fair Value $ 77,000 119,000 $ 23,000 59,000 59,000 378,000 107,000 159,000 413,000 (140,000) 95,000 541,000 $ 510,000 $ 9,000 151,000 $615,000 $ 9,000 142,000 48,000 25,000 349,000 Inventory Land Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock: $16 par value $10 par value Additional Paid-In Capital Retained Earnings Total Liabilities & Equities $ 77,000 119,000 218,000 58,000 614,000 (238,000) $ 848,000 $1,210,000 $ 64,000 310,000 $ 64,000 320,000 194,000 33,000 247,000 $ 848,000 95,000 10,000 245,000 $ 510,000 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.)