On January 1, 2016, Zebb and Nottle Companies had condensed balance sheets as shown below:
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\begin{array}{lrr}&\text { Zebb }&\text { Nottle }\\& \underline{\text { Company }} & \underline{\text { Company }} \\\text { Current Assets } & \$ 1,000,000 & \$ 600,000 \\\text { Plant and Equipment } & \underline{1,500,000} & \underline{800,000}\\&\$2,500,000&\$1,400,000\\\\\text { Current Liabilities } & \$ 200,000 & \$ 100,000 \\\text { Long-Term Debt } & 300,000 & 300,000 \\\text { Common Stock, } \$ 10 \text { par } & 1,400,000 & 400,000 \\\text { Paid-in Capital in Excess of Par } & 0 & 100,000 \\\text { Retained Earnings } & \underline{600,000} & \underline{500,000} \\& \underline{\$2,500,000} & \underline{\$ 1,400,000 }\end{array}

Required:
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Record the acquisition of Nottle's net assets, the issuance of the stock and/or payment of cash, and payment of the related costs.Assume that Zebb issued 30,000 shares of new common stock with a fair value of $25 per share and paid $500,000 cash for all of the net assets of Nottle.Acquisition costs of $50,000 and stock issuance costs of $20,000 were paid in cash.Current assets had a fair value of $650,000, plant and equipment had a fair value of $900,000, and long-term debt had a fair value of $330,000.
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