Prepare verizon journal entry to record its acquisition

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Reference no: EM132722924

Question - In 2015 Verizon Communications Inc acquired AOL Inc for consideration valued at $4,141 million. AOL's net assets acquired had the following fair values at the acquisition date:

(in millions) Fair Value

Identifiable Intangible Assets $2,504

Other Assets $1,551

Liabilities ($1,852)

Total Identifiable net assets $2,203

Goodwill $1,938

Total Purchase Price $4,141

Identifiable Intangible assets consist primarily of acquired technology and customer relationships. Assume Verizon paid cash for the acquisition, and also incurred $200 million in cash payments for bankers' fees, consulting fees, and restructuring costs.

Required - Prepare Verizon's journal entry to record its acquisition of AOL.

Reference no: EM132722924

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