The following book and fair values were available for Beech Company as of June 1: Items Book Value Fair Value Inventory Land Buildings $ 609,250 755,250 1,800,000 $ 572,250 1,050,000 2,152,500 Trademarks 0 849,750 Accounts payable (91,000) (91,000) Common stock (2,000,000) 0 Additional paid-in capital (500,000) 0 (416,500) (481,500) 324,500 0 0 Retained earnings, 1/1 Revenues Expenses Alder pays cash of $4,385,500 to acquire Beech. No stock is issued and Alder pays $44,600 for legal fees to complete the transaction. Required: Prepare Alder's 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.