Business Combination Versus Asset Acquisition Haley Corporation pays $3,900,000 in cash to acquire assets from Jaxon Inc., as follows: Machinery and equipment Fair Value $1,800,000 Developed technology (limited-life) 1,260,000 540,000 Customer lists (limited-life) In addition, Haley pays $100,000 in cash for legal and advisory costs connected with the acquisition. Required Note: Enter all zeros with your numerical answers, do not abbreviate your answers in thousands or in millions. a. Prepare the journal entry to record the acquisition, assuming it qualifies as a business combination. To record the business combination Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 b. Prepare the journal entry to record the acquisition, assuming it is an asset acquisition. To record the asset acquisition Debit 0 0 0 0 Credit 0 0 0 0