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Ferodo Industries acquires the assets and liabilities of Grunding Inc. on January 2, 2017, for 5,000,000 cash. At that date. Grundig's balance sheet is as

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Ferodo Industries acquires the assets and liabilities of Grunding Inc. on January 2, 2017, for 5,000,000 cash. At that date. Grundig's balance sheet is as follows: At January 2, 2013 Grundig's assets and liabilities have the following fair values: Grunding has unrecorded patents with a fair value of $51, 800,000. Prepare the journal entry made by Ferodo to record its acquisition of Grundig

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