(TCO 2) On August 15, 2006, Willis Inc. purchased all of the outstanding common stock of Bork Inc. paying $7,400,000 cash. The book values and fair values of Willis’ assets and liabilities are listed below:
Book Value Fair Value
| Account Receivable | $1,080,000 | $975,000 |
| Inventories | $1,620,000 | $2,400,000 |
| Property Plant and equipment | $5,400,000 | $6,975,000 |
| Account Payable | $1,800,000 | $1,800,000 |
| Bond Payable | $2,700,000 | $2,475,000 |
Required:
Prepare the journal entry to record the acquisition by Willis Inc.
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