Piron Company issued 860,000 shares at $10 par common stock with a fair value of $19,400,000 for all the voting common stock of Seana Company. In addition, Piron incurred the following costs:

Legal Fees to arrange the business combination $300,000

Cost of SEC Registration, including accounting and legal fees $48,000

Cost of printing and issuing net stock certificates $ 12,000

Indirect Costs of Combining, including allocated overhead and executive salaries $140,000

Immediately before the acquisition in which Seana Company was dissolved Seana's assets and equities were as follows:

Book Value Fair Value

Current Assets $ 7,000,000 $ 7,800,000

Plant Assets 11,000,000 16,600,000

Liabilities 3,400,000 3,400,000

Common Stock 17,000,000

Retained Earnings 2,600,000

REQUIRED: Prepare all journal entries on Pirons books to record the acquisition