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Assume Cronin Company paid $17 million to acquire Bella Industries. Assume further that Bella had the following summarized data at the time of the Cronin

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Assume Cronin Company paid $17 million to acquire Bella Industries. Assume further that Bella had the following summarized data at the time of the Cronin acquisition (amounts in millions): (Click the icon to view the data.) Bella's current assets had a current market value of $9 million, long-term assets had a current market value of only $21 million, and liabilities had a market value of $29 million. Read the cequirements. Market value of Bella Industries' net assets Cost of goodwill Requirement 2. Journalize Cronin's purchase of Bella Industries. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the problem statement.)

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