During the current year, Brewer Company acquired all of the outstanding common stock of Miller Inc. paying $12,500,000 cash. The book values and fair values of Miller's assets and liabilities acquired are listed below: Book Value Fair Value Accounts receivable $2,050,000 $ 1,875,000 Inventories 3,200,000 4,500,000 Property, plant, and equipment 9,500,000 12,125,000 Accounts payable 3,500,000 3,500,000 Bonds payable 5,000,000 4,625,000 Required: Prepare the journal entry to record the acquisition by Brewer Company. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the acquisition by Brewer Company Note: Enter debts before credits Transaction Debit Credit General Journal Accounts payable 4