During the current year, Brewer Company acquired all of the outstanding common stock of Miller...
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Accounting
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:
Book Value Fair Value
Aaccounts receivable 1,800,000 1,625,000
Inventory 2,700,000 4,000,000
Prop,Plant & Equip 9,000,000 11,625,000
Accounts payable 3,000,000 3,000,000
Bonds Payable 4,500,000 4,125,000
Prepare journal entries to record the acquisition by Brewer Co.
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