During the current year, Brewer Company acquired all of the outstanding common stock of Miller Incorporated paying $$11,400,000$ cash. The book values and fair values of Miller's assets and liabilities acquired are listed below: During the current year, Brewer Company acquired all of the outstanding common stock of Miller Incorporated paying $$11,400,000$

cash. The book values and fair values of Miller's assets and liabilities acquired are listed below:

Required:

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

Book Value Fair Value

Accounts receivable $ $1,500,000$ $ $1,325,000$

Inventories $2,100,0003,400,000$

Property, plant, and equipment $8,400,00011,025,000$

Accounts payable $2,400,0002,400,000$

Bonds payable $3,900,0003,525,000$

Required:

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