During the current year, Brewer Company acquired all of the outstanding common s

Question

During the current year, Brewer Company acquired all of the outstanding common stock of Miller Inc. paying $11,100,000 cash. The book values and fair values of Miller's assets and liabilities acquired are listed below:

Prepare the journal entry to record the acquisition by Brewer Company. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

During the current year, Brewer Company acquired all of the outstanding common stock of Miller Inc. paying $11,100,000 cash. The book values and fair values of Miller's assets and liabilities acquired are listed below:

Explanation / Answer

Accounts receivable 1175000 Inventories 3100000 Property, plant, and equipment 10725000 Goodwill 1425000          Accounts payable 2100000          Bonds payable   3225000          Cash 11100000

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