Theta Corp. acquired all of the net assets of Iota Corp. on December 31, 2006, in an acquisition reported as a merger. The fair values of Iota Corp.’s identifiable net assets at the date of acquisition are as follows:

Tangible assets	$50,000,000
Intangible assets	$95,000,000
Liabilities	$70,000,000

Theta pays $160 million in cash and issues 2,000,000 shares of stock to the former owners of Iota. Theta’s stock has a par value of $3/share. The market price of the shares at the date of acquisition, $65/share, is used to value the shares issued. Registration fees for the stock are $900,000, and legal and consulting fees connected with the acquisition are $1,300,000, both paid in cash.

Required: Record the acquisition on December 31, 2006.