The experience of other companies over the last several years indicates that the machinery and equipment can be sold at 130% of its book value. An analysis of the accounts receivable indicates that the realizable value is $925,000. An independent appraisal made in June 2020 values the land at $70,000. Using the lower-of-cost- or-market rule, inventory is to be restated at $1,200,000. Calway Corporation plans to exchange 18,000 of its shares for the 120,000 Jack shares. During June 2020, the fair value of a share of Calway Corporation is $270. Acquisition costs are $12,000. The stockholders' equity account balances of Calway Corporation as of June 30, 2015, are as follows: Common stock ($10 par). Paid-in capital in excess of par Retained earnings.. Total stockholders' equity $2,000,000 580,000 2,496,400 $5,076,400 Record the acquisition of Jack Company by Calway on July 1, 2020. Use value analysis to sup- Required the acquisition entries. port