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Peal Corporation issued 4 . 0 0 0 shares of its $ 1 0 par value stock with a market value 9 $$ 8 5

Peal Corporation issued 4.000 shares of its $10 par value stock with a market value 9$$85,000 to acquire 85 percent of the common stock of Seed Company on August 31,20X3. Seed's fair value was determined to be $100,000 on that date. Peal had previously purchased 15 percent of Seed's common stock for $9,000 on January 31,201, and had carried this investment at fair value on its balance. Peal reported this investment at $15,000 on its balance sheet at August 31,203, immediately prior to acquiring the remaining 85 percent of Seed's shares. On August 31,20X3, Peal also paid appraisal fees of $3,500 and stock issue costs of $2,000 incurred in completing the acquisition of the additional shares.
Requlred:
Prepare the journal entries to be recorded by Peal in completing the acquisition of the additional shares of Seed.
Note: If no entry is requlred for a transactlon/event, select "No Journal entry requlped" In the flist account fleld.
Answer is not complete.
\table[[No,Event,,General Journal,Debit,Credit],[A,1,Acquisition Expense,0,3,500,-],[,,Cash,0,,3,500
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