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Question - The Poonamalie Company paid $3,200,000 in cash for all of Slys' outstanding shares. Attorneys' fees related to the combination were $140,000 paid in cash. A comparison of the book and fair values of Slys' assets and liabilities appears below:
Book Value
Fair Value
Cash and receivables
$96,000
Equity method investments
140,000
160,000
Inventory
488,000
320,000
Plant assets
1,280,000
800,000
Current liabilities
(272,000)
Long-term debt
(872,000)
(880,000)
Net assets
$860,000
$224,000
Required - Prepare the journal entry made by Poonamalie to record the business combination as a merger.
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