1. Alpha Corporation purchases all of Beta Company's assets and liabilities on January 1, 2022, for $20 million in cash. At the date of acquisition, Beta's reported assets consist of current assets of $15 million and plant and equipment of $70 million. It reports current liabilities of $10 million and long-term debt of $30 million. Investigation reveals that Beta’s plant and equipment is overvalued by $2.5 million and it has an unreported patent valued at $1 million.
   • Prepare the necessary journal entry on Alpha's books to record its acquisition of Beta on January 1, 2022.
   • Assume that Alpha purchases all of Beta’s voting stock on January 1, 2022, for $20 million in cash. Prepare the necessary journal entry on Alpha’s books to record the acquisition.