Bed & Bath Buys All of Costless Company's Assets and Liabilities

Bed & Bath buys all of Costless Company's assets and liabilities. Costless' balance sheet at the date of acquisition, including fair value information on its reported assets and liabilities, is as follows:

$$\begin{array}{l}\text { Assets and liabilities attributed to Costless, not currently reported on its books are: }\\\begin{array} { | l | c | } \hline & \text { Fair value } \\\hline \text { Favorable leaseholds } & \$ 3,000,000 \\\hline \text { Brand names } & 9,500,000 \\\hline \text { In-process R\&D } & 1,000,000 \\\hline \text { Warranty liabilities } & 1,800,000 \\\hline\end{array}\end{array}$$ In addition, a deferred tax liability of $2,000,000 is recognized as part of the acquisition.
The acquisition terms are as follows:
•Bed & Bath paid Costless' shareholders a total of $25,000,000 in cash.
•Bed & Bath issued a total of 2,000,000 new shares of its common stock to Costless' shareholders. Bed & Bath's shares have a par value of $1/share and a total fair value of $92,000,000. Bed & Bath paid $900,000 in cash for registration fees to issue the shares.
•Bed & Bath paid $1,000,000 to Goldman Sachs for merger advisement, all paid in cash.
Required
Prepare the journal entry to record this acquisition on Bed & Bath's books.