The balance sheets for Pablo Corporation and Diego Corporation at December 31, 2020 are summarized as follows (in thousands): Pablo Corporation Book Value Fair Value Diego Corporation Book Value Fair Value Assets Cash Receivables-net Inventories Land Buildings-net Equipment-net Total assets $40 30 100 $100 50 130 50 150 100 $580 $100 50 150 100 200 150 $750 $40 30 80 30 70 50 $300 50 100 75 $395 $ 80 $ 80 90 $ 50 45 100 Equities Accounts payable Other liabilities Common stock, $10 par Other paid-in capital Retained earnings Total equities $ 50 75 100 25 200 100 100 $580 50 $300 on January 1, 2021, Pablo Corporation acquired All of Diego Corporation's outstanding common stock. This event resulted in the dissolution of Diego. Pablo paid $60,000 in cash and issued 10,400 shares of common stock, $10 par value with a market value of $25 each. The issuance cost was $20,000 and was paid using cash. Required: Prepare the journal entry on January 1, 2021 for the Pablo Corporation acquiring all of Diego