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Peep Inc. acquired 100% of the outstanding common stock of Shy Inc. for $2,698,800 cash...

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Accounting

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Peep Inc. acquired 100% of the outstanding common stock of Shy Inc. for $2,698,800 cash and 16,390 shares of its common stock ( $2 par value). The stock's market value was $37 on the acquisition date. Prepare the journal entry to record the acquisition. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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