The following book and fair values were available for Beech Company as of June $1$:

Items Book Value Fair Value

Inventory $ $692,500$ $ $643,750$

Land $757,5001,047,750$

Buildings $1,755,0002,073,750$

Trademarks $0804,750$

Accounts payable $(102,000)(102,000)$

Common stock $(2,000,000)0$

Additional paid$-$in capital $(500,000)0$

Retained earnings, $1/1(434,500)0$

Revenues $(488,500)0$

Expenses $320,0000$

Alder Company pays $$3,480,000$ cash and issues $29,800$ shares of its $$2$ par value common stock $($fair value of $$50$ per share$)$ for all of Beech$$s common stock in a merger, after which Beech will cease to exist as a separate entity. Stock issue costs amount to $$28,200,$ and Alder pays $$49,100$ for legal fees to complete the transaction.

Required:

Prepare Alder$$s journal entries to record its acquisition of Beech.