Peep Inc. acquired 100% of the outstanding common stock of Shy Inc. for $2,444,200 cash and 15,880 shares of its common stock ( $2 par value). The stock's market value was $39 on the acquisition date. In addition, Peep Inc. incurred the following direct costs: Before the acquisition consummation date, $87,500 of the direct costs was charged to a deferred charges account pending the completion of the acquisition. The remaining $6,930 has not been accrued or paid. Prepare the journal entry to record both the acquisition and the direct costs. (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.)