During the current year, McGonagall Company acquired all of the outstanding common stock of Oliver Wood Inc. paying $11,200,000 cash. The book values and fair values of Oliver Wood's assets and liabilities acquired are listed below: Accounts receivable Inventories Property, plant, and equipment Accounts payable Bonds payable Book Value $1,400,000 1,900,000 8,200,000 2,200,000 3,700,000 Fair Value $ 1,225,000 3,200,000 10,825,000 2,200,000 3,325,000 Prepare the journal entry to record the acquisition by McGonagall Company. View transaction list Journal entry worksheet