Prepare the journal entries on the books of Monty to record the acquisition of Sandhill Company's net assets. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

On January 1, 2023, the stockholders of Monty and Sandhill agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that Monty was acquiring Sandhill. Monty agreed to issue 62,000 shares of its $10 par stock to acquire all the net assets of Sandhill at a time when the fair value of Monty's common stock was $15 per share. On the date of consolidation, the fair values of Sandhill's current assets and liabilities were equal to their book values. The fair value of plant and equipment was, however, $444,000. Monty will incur $62,000 of direct acquisition costs and $18,600 in stock issue costs. (To record assets and liabilities acquired) (To record assets and liabilities acquired) (To record the direct acquisition costs) (To record the stock issue costs)