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Cally Company owns current assets with a market value of $4,000,000 and plant and equipment with a market value of $50,000,000. It has liabilities valued

Cally Company owns current assets with a market value of $4,000,000 and plant and equipment with a market value of $50,000,000. It has liabilities valued at $40,000,000. It also has unreported brand names valued at $5,000,000. Breaker Corporation buys Callys assets and liabilities for $75,000,000 in cash.

Required Prepare the journal entry Breaker makes to record the acquisition.

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