1. Epsilon Enterprises acquires all of Zeta Corporation's assets and liabilities on January 1, 2025, for $30 million in cash. Zeta's reported assets consist of current assets of $16 million and plant and equipment of $80 million. It reports current liabilities of $20 million and long-term debt of $50 million. Investigation reveals that Zeta’s plant and equipment is overvalued by $4 million and it has an unreported goodwill valued at $2 million.
   • Prepare the necessary journal entry on Epsilon's books to record its acquisition of Zeta on January 1, 2025.
   • Assume that Epsilon purchases all of Zeta’s voting stock on January 1, 2025, for $30 million in cash. Prepare the necessary journal entry on Epsilon’s books to record the acquisition.