3. On January 2, 2018, Memphis Metal Manufacturing Company paid $18 million for Maine Marine Metals Company in a transaction properly accounted for as an asset acquisition. The book values and fair values of Maine Marine Metals Companys net assets on January 2, 2018 were as follows:

Note: Unless noted otherwise, assume the existing cash account balance is included in the purchased assets.

Required: Complete the journal entry to record the asset acquisition.

Book Value Cash Accounts Receivable Irwerntory PP&E Accounts Payable Mortgage Payable Federal Enwironmerital Liabilrty 160,0IO $1,800,coo $4,750,CCO $9,562,000 $24C0,000 $3,475,000 Fa?rValue $160,CCO $1,650,000 $3,425,000 $ 12,895,0C0 $2,650,000 $ 3475,000 $1,50o,00o