During the current year, Brewer Company acquired all of the outstanding common stock of Miller Incorporated paying $11,600,000 cash. The book values and fair values of Miller's assets and liabilities acquired are listed below:

Book ValueFair ValueAccounts receivable$ 1,600,000$ 1,425,000Inventories2,300,0003,600,000Property, plant, and equipment8,600,00011,225,000Accounts payable2,600,0002,600,000Bonds payable4,100,0003,725,000

Required:

Prepare the journal entry to record the acquisition by Brewer Company.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.