The following book and fair values were available for Beech Company as of June 1: Items Book Value Fair Value Inventory $ 404,500 $ 353,250 Land 816,000 1,080,000 Buildings 2,025,000 2,361,750 Trademarks 0 831,000 Accounts payable (102,500) (102,500) Common stock (2,000,000) 0 Additional paid-in capital (500,000) 0 Retained earnings, 1/1 (456,000) 0 Revenues (471,500) 0 Expenses 284,500 0 Alder Company pays $3,970,000 cash and issues 26,600 shares of its $2 par value common stock (fair value of $50 per share) for all of Beechs common stock in a merger, after which Beech will cease to exist as a separate entity. Stock issue costs amount to $30,800, and Alder pays $50,900 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