Bargain Purchase: Gilmore Corporation's net assets have fair values as described below. Current assets. $500,000 Land. .800,000 Building and equipment. 1,500,000 Loans payable..... .(100,000) Nanton Company pays $4,000,000 for Gilmore Corporation, and records the acquisition as a merger. Nanton Corporation determines that the identifiable intangibles valued at $1,500,000, not previously reported on Gilmore's books, also are recognized as acquired assets. Required a. Prepare a schedule to calculate the gain on acquisition. b. Prepare Nanton's journal entry to record the merger. Use the editor to format your