Haley Corporation pays $3,900,000 in cash to acquire assets from Jaxon Inc., as follows:

Machinery and equipment$1,800,000

Developed technology (limited-life)1,260,000

Customer lists (limited-life)540,000

In addition, Haley pays $100,000 in cash for legal and advisory costs connected with the acquisition.

Required

Note: Enter all zeros with your numerical answers,do not abbreviateyour answersin thousandsorin millions.

a. Prepare the journal entry to record the acquisition, assuming it qualifies as a business combination.

Prepare the journal entry to record the acquisition, assuming it qualifies as a business combination.

b. Prepare the journal entry to record the acquisition, assuming it is an asset acquisition.