Solution-Make the journal entry to record the acquisition

Make the journal entry to record the acquisition

Reference no: EM132704860

Question - During the current year, Brewer Company acquired all of the outstanding common stock of Miller Inc. paying $12,000,000 cash. The book values and fair values of Miller's assets and liabilities acquired are listed below:

	Book Value	Fair Value
Accounts receivable	$1,800,000	$1,625,000
Inventories	2,700,000	4,000,000
Property, plant, and equipment	9,000,000	11,625,000
Accounts payable	3,000,000	3,000,000
Bonds payable	4,500,000	4,125,000

Required - Make the journal entry to record the acquisition by Brewer Company. Please explain with steps.

Reference no: EM132704860

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Make the journal entry to record the acquisition

Reference no: EM132704860

Reference no: EM132704860

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