The following book and fair values were available for Beech Company as of June 1: Items Inventory Land Book Value Buildings $ 300,000 816,000 2,050,000 Fair Value $ 248,250 1,085,250 2,375,500 Trademarks 0 Accounts payable (100,000) 822,750 (100,000) Common stock (2,000,000) Additional paid-in capital (500,000) 0 Retained earnings, 1/1 (395,000) 0 (454,500) 283,500 Revenues Expenses Alder Company pays $3,370,000 cash and issues 24,300 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 $25,800, and Alder pays $47,400 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.