Upsilon Corp. acquired all of the net assets of Phi Corp. on December 31, 2012, in an acquisition reported as a merger. The fair values of Phi Corp.’s identifiable net assets at the date of acquisition are as follows:

Tangible assets	$25,000,000
Intangible assets	$70,000,000
Liabilities	$50,000,000

Upsilon pays $120 million in cash and issues 2,000,000 shares of stock to the former owners of Phi. Upsilon’s stock has a par value of $1/share. The market price of the shares at the date of acquisition, $55/share, is used to value the shares issued. Registration fees for the stock are $800,000, and legal and consulting fees connected with the acquisition are $1,000,000, both paid in cash.

Required: Record the acquisition on December 31, 2012.