Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,100 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 Cash Accounts Receivable Inventory Land Buildings & Equipment Less: Accumulated Depreciation Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock: $16 par value $10 par value Pamrod Manufacturing Book Value Fair Value Stafford Industries Book Value Fair Value $ 78,000 105,000 $ 28,000 53,000 $ 28,000 53,000 $ 78,000 105,000 210,000 68,000 608,000 (231,000) $ 838,000 152,000 376,000 89,000 544,000 101,000 58,000 22,000 406,000 343,000 (130,000) $ 516,000 $1,192,000 $ 64,000 307,000 $ 64,000 317,000 $ 6,000 151,000 198,000 94,000 $598,000 $ 6,000 142,000 Additional Paid-In Capital Retained Earnings Total Liabilities & Equities 28,000 241,000 $ 838,000 16,000 249,000 $ 516,000 Pamrod shares were selling for $140 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.)