Recording a Business Combination

fees of $$150,000$ in cash in connection with the merger. A comparison of book and fair values of Salisbury's assets and liabilities follows:

Salisbury also has previously unreported developed technology, valued at $$1\mathrm{.}5$ million, that meets ASC Topic $805$ criteria for capitalization.

Required

Prepare the journal entry or entries made by Petra to record the business combination as a merger.

Enter answers using all zeros $-$ do not abbreviate into thousands as shown above table.