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During the current year, Brewer Company acquired all of the outstanding common stock of Miller Inc. paying $12,800,000 cash. The book values and fair values

During the current year, Brewer Company acquired all of the outstanding common stock of Miller Inc. paying $12,800,000 cash. The book values and fair values of Miller's assets and liabilities acquired are listed below:

Book Value Fair Value
Accounts receivable $ 2,200,000 $ 2,025,000
Inventories 3,500,000 4,800,000
Property, plant, and equipment 9,800,000 12,425,000
Accounts payable 3,800,000 3,800,000
Bonds payable 5,300,000 4,925,000

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

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