1. Gamma Industries acquires all of Delta Company's assets and liabilities on January 1, 2023, for $18 million in cash. Delta’s reported assets include current assets of $12 million and plant and equipment of $55 million. It reports current liabilities of $8 million and long-term debt of $25 million. Investigation reveals that Delta’s inventory is undervalued by $1 million and it has an unreported brand value of $800,000.
   • Prepare the necessary journal entry on Gamma’s books to record its acquisition of Delta on January 1, 2023.
   • Assume that Gamma purchases all of Delta’s voting stock on January 1, 2023, for $18 million in cash. Prepare the necessary journal entry on Gamma’s books to record the acquisition.