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Question - Merger - Organic Juices, Inc. acquires Healthy Snax Corporation for $40 million in cash, in a merger. Healthy Snax' balance sheet at the date of acquisition is as follows (in millions):
Current assets
$8
Current liabilities
$9.6
Plant and equipment
52
Long-term debt
28.8
Intangible assets
4
Capital stock
14.4
Retained earnings
19.2
Treasury stock
(8)
Total assets
$64
Total liabilities and equity
A consulting firm values Healthy Snax' plant and equipment at $32 million and its intangibles at $20 million. There are no unreported identifiable intangibles, and all other assets and liabilities are reported at amounts approximating fair value.
Required - Prepare the journal entry Organic Juices makes to record its acquisition of Healthy Snax. Enter answers in millions. Enter answers using decimal points, when applicable.
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