Delight Candy Acquires All of the Assets and Liabilities of Orbit

Delight Candy acquires all of the assets and liabilities of Orbit Brands. Delight incurs the following costs for the acquisition:
•5,000,000 shares of new Delight common stock, par value $0.10/share, market value $6/share, issued to the former shareholders of Orbit
•Registration fees connected with issuing the new shares, $200,000, paid in cash
•$1,000,000 in cash paid to retire the outstanding Orbit stock
•Consulting fees paid to Goldman Sachs, in cash: $1,100,000
The balance sheet of Orbit immediately prior to the acquisition is as follows:
In addition to the assets and liabilities already reported, Orbit has the following previously unrecorded intangible assets that meet the requirements for capitalization:
$$\begin{array} { | l | c | } \hline \text { Intangible Asset } & \text { Fair Value } \\\hline \text { Brand names } & \$ 8,000,000 \\\hline \text { Secret fo rmulas } & 20,000,000 \\\hline\end{array}$$ Required a. Prepare the journal entry or entries to record the acquisition on Delight's books.
b. Assume the same information as above, but Orbit has an additional previously unreported intangible that meets the requirements for capitalization: a noncompetition agreement with a fair value of $10,000,000. All fair value calculations have been double checked for accuracy and found to be correct. Make the journal entry or entries to record the acquisition on Delight's books.