Panther Company is about to acquire a 100% interest in Snake Company. Snake has identifiable net assets with book and fair values of $300,000 and $500,000, respectively. Panther will issue common stock as payment with a fair value of $750,000. When and how would the fair value of the net assets and goodwill be recorded if the acquisition is:

b. A purchase of Snake's common stock and Snake remains a separate legal entity.