Please help with these assignments, 1500 points awarded, the max allowed, thanks On January 1, 2010 Peach Company issued 1,500 of its $20 par value common shares with a fair value of $60.00 per share in change for the 2,000 outstanding common shares Swartz Company in a purchase transaction. Registration costs announced to $1,700, paid in cash. Just prior to the acquisition, the balance sheets of the two companies were as follows:

Cash 73,000 13,000

Accounts receivable (net) 95,000 19,000

Inventory 58,000 25,000

Plant and equipment (net) 95,000 43,000

Land 26,000 22,000

Total Assets $347,000 $122,00

Account payable $66,000 $18,000

Note payable 82,000 21,000

Common stock, $20 par Value 100,000 40,000

Other contributed Capital 60,000 24,000

Retained 39,000 19,000

Total Equities $347,000 $122,000

Any difference between the book value of equity and implied by the purchase price relates to goodwill.

Required:

A. Prepare a Journal entry on Peach company