14. Sully Company's January 1, 2020 balance sheet is as follows: Assets Cash, receivables Inventories Equity method investments Land, buildings & equipment $ 3,000,000 4,000,000 1,000,000 5,500,000 $ 2,000,000 6,500,000 2,000,000 3,500,000 Liabilities & Equity Current liabilities Long-term liabilities Capital stock Retained earnings Accumulated other comprehensive loss Treasury stock Total liabilities & equity (400,000) (100.000) $13,500,000 Total assets $13.500.000 On January 1, 2020, Pronto Corporation acquired Sully's assets and liabilities for $50 million in cash. Sully's cash and receivables, and current liabilities were reported at values approximating fair value. However, its inventories were overvalued by $2,000,000, and its equity method investments were undervalued by $3,000,000. Its land, buildings & equipment were overvalued by $2,500,000, and its long-term liabilities were undervalued by $500,000. The accountants identified the following possible intangible assets attributed to Sully but not currently recorded on its balance sheet: Skilled workforce Favorable leases Developed technology Prospective customer contracts Synergies on future projects Fair Value $7,000,000 5,000,000 2,000,000 1,500,000 3,000,000 Using the attached T-account template: Prepare Prance's entry to recognize the acquisition