Peep Inc. acquired 100% of the outstanding common stock of Shy Inc. for $2,537,300 cash and 14,020 shares of its common stock ($2 par value). The stocks market value was $43 on the acquisition date. In addition, Peep Inc. incurred the following direct costs:

Accounting fees for the purchase		$14,480
Legal fees for registering the common stock		27,170
Other legal fees for the acquisition		45,310
Travel expenses to meet with Shy managers		4,510
SEC filing fees		2,160
		$93,630

4. Will rate

Before the acquisition consummation date, $86,030 of the direct costs was charged to a deferred charges account pending the completion of the acquisition. The remaining $7,600 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.)

Current Attempt in Progress Peep Inc. acquired 100% of the outstanding common stock of Shy Inc. for $2,537,300 cash and 14,020 shares of its common stock ($2 par value). The stock's market value was $43 on the acquisition date. In addition, Peep Inc. incurred the following direct costs: Accounting fees for the purchase Legal fees for registering the common stock Other legal fees for the acquisition Travel expenses to meet with Shy managers SEC filing fees $14,480 27,170 45,310 4,510 2,160 $93,630 Before the acquisition consummation date, $86,030 of the direct costs was charged to a deferred charges account pending the completion of the acquisition. The remaining $7,600 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 O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record the acquisition) (To record the direct costs)