During the current year, McGonagall Company acquired all of the outstanding common stock of Oliver Wood Inc. paying $11,500,000 cash. The book values and fair values of Oliver Wood's assets and liabilities acquired are listed below: Book Value Pair Value Accounts receivable $1,550,000 $ 1,375,000 Inventories 2,200,000 3,500,000 Property, plant, and equipment 8,500,000 11,125,000 Accounts payable 2,500,000 2,500,000 Bonds payable 4,000,000 3,625,000 Prepare the journal entry to record the acquisition by McGonagall Company. View transaction list Journal entry worksheet 1 Record the acquisition by Brewer Company. Note: Enter debits before credits Transaction General Journal Debit Credit 1