Patel Company issued 101,450 shares of $1 par value common stock (market value of $6/share) for 95% of the common stock of Seely Company on January 1, 2014. Seely Company had the following assets, liabilities, and owners equity at that time:

		Book Value/Tax Basis		Fair Value		Difference
Cash		$19,900		$19,900		$0
Accounts receivable		117,450		117,450		0
Inventory (LIFO)		89,250		139,820		50,570
Land		27,470		49,990		22,520
Plant assets (net)		379,350		448,090		68,740
Total assets		$633,420		$775,250		$141,830
Allowance for uncollectible accounts		$10,660		$10,660		$0
Accounts payable		54,700		54,700		0
Bonds payable		183,500		162,280		21,220
Common stock, $1 par value		80,280
Other contributed capital		131,830
Retained earnings		172,450
Total equities		$633,420

(a)

Prepare the stock acquisition entry on the books of Patel Company, taking into account tax effects. Assume an income tax rate of 40%. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit