Waterman Inc. acquired 100% of the voting common stock of Riecker Inc. on January 1, 2021. The book value (BV) and fair value (FV) of Riecker's accounts on that date (prior to creating the combination) follow, along with the book value (BV) of Waterman's accounts:

			Waterman BV	Riecker BV	Riecker FV
Retained earnings, 1/1/21			250,000	240,000
Cash and AR			170,000	70,000	70,000
Inventory			230,000	170,000	210,000
Land			280,000	220,000	240,000
Buildings, net			480,000	240,000	270,000
Equipment, net			120,000	90,000	90,000
Liabilities			650,000	430,000	420,000
Common Stock			360,000	80,000
APIC			20,000	40,000

Assume that Waterman issued 12,000 shares of common stock with a $5 par value and a $47 fair value to obtain all of Riecker's outstanding stock. In addition, Waterman paid $35,000 for stock issuance costs. Riecker will cease to exist as a separate entity. Record this acquisition transaction on January 1, 2021.