Xi Corp. acquired all of the net assets of Omicron Corp. on July 1, 2003, in an acquisition reported as a merger. The fair values of Omicron Corp.’s identifiable net assets at the date of acquisition are as follows:

Tangible assets	$35,000,000
Intangible assets	$75,000,000
Liabilities	$55,000,000

Xi pays $130 million in cash and issues 2,000,000 shares of stock to the former owners of Omicron. Xi’s stock has a par value of $2/share. The market price of the shares at the date of acquisition, $45/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 $1,200,000, both paid in cash.

Required: Record the acquisition on July 1, 2003.