Pittman Company exchanged 100,000 shares of its $40 par valu…
Pittman Company exchanged 100,000 shares of its $40 par value common stock for all of the net assets of Sistrunk Company. The fair value of Pittman’s common stock on the acquisition date was $72 per share. In addition, Pittman also paid a fee of $320,000 to consultants in connection with the acquisition. Pittman incurred $160,000 of costs of registering and issuing the equity shares to acquire Sistrunk. There was no goodwill or bargain purchase associated with this acquisition. At what amount should Pittman record the acquisition of Sistrunk’s net assets?