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Please help.Thank you On January 1, 20X2, Prost Company acquired all of SKK Corporation's assets and liabilities by issuing 24,100 shares of its $4 par
Please help.Thank you
On January 1, 20X2, Prost Company acquired all of SKK Corporation's assets and liabilities by issuing 24,100 shares of its $4 par value common stock. At that date, Prost shares were selling at $22 per share. Historical cost and fair value balance sheet data for SKK at the time of acquisition were as follows: Prost paid legal fees for the transfer of assets and liabilities of $20,000. Prost also paid audit fees of $23,000 and listing application fees of $14,000, both related to the issuance of new shares. Required: Prepare the journal entries made by Prost to record the business combination. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the payment of legal fees. Note: Enter debits before credits. Record the costs of issuing stock. Note: Enter debits before credits. Record the purchase of SKK Corporation. Note: Enter debits before creditsStep by Step Solution
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