Peak Performance Wear, Inc. purchased the net assets of Climb Higher Clothing for $6,000,000. Peak Performance Wear incurred direct costs of $50,000 in completing the acquisition. At the acquisition date, Climb Higher Clothing reported the following and fair value data: January 1, 2019, on 4. Fair Value Balance Sheet Item Book Value $ 250,000 3,000,000 4.000,000 $7,250,000 Cash and Receivables $ 250,000 Inventory Buildings and Equipment, net 2,000,000 3,500,000 $5,750,000 Total Assets Accounts Payable Common Stock $ 300,000 $ 300,000 700,000 APIC 4,000,000 Retained Earnings Total Liabilities and Equity 750,000 $5,750,000 Required: Prepare the journal entry or entries that Peak Performance Wear would make to record the acquisition