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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 Incorporated paying $11,200,000 cash. The book values and fair values of Miller's assets and liabilities acquired are listed below:

book value Fair value
Accounts R 1,400,000 1,225,000
Inventories 1,900,000 3,200,000
Property, plant, and equip 8,200,000 10,825,000
Accounts P 2,200,000 2,200,000
Bonds P 3,700,000 3,325,000

Prepare the journal entry to record the acquisition by Brewer Company.

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