The following book and fair values were available for Beech Company as of June 1: Items Book Value Fair Value Inventory $ 367,500 $ 318,000 Land 756,000 998,250 Buildings 2,040,000 2,346,000 Trademarks 0 842,250 Accounts payable (88,000) (88,000) Common stock (2,000,000) 0 Additional paid-in capital (500,000) 0 Retained earnings, 1/1 (412,000) 0 Revenues (446,000) 0 Expenses 282,500 0 Alder pays cash of $4,286,500 to acquire Beech. No stock is issued and Alder pays $46,100 for legal fees to complete the transaction. Required: Prepare Alders journal entries to record its acquisition of Beech. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field