Putney Inc. acquired 100% of the outstanding common stock of Shad Inc. for $2,500,000 cash and 15,000 shares of its common stock ($2 par value). The stock's market value was $40 on the acquisition date. In addition, Putney 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 Shad managers SEC filing fees 15,000 30,000 45,000 5,000 2.000 97.000 Before the acquisition consummation date, $90,000 of the direct costs was charged to a deferred charges account pending the completion of the acquisition. The remaining $7,000 has not been accrued or paid. Required: a. Prepare the journal entry to record the acquisition. b. Prepare the journal entry to record both the acquisition and the direct costs