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Haley Corporation pays $3,900,000 in cash to acquire assets from Jaxon Inc., as follows: In addition, Haley pays $100,000 in cash for legal and advisory

image text in transcribed Haley Corporation pays $3,900,000 in cash to acquire assets from Jaxon Inc., as follows: 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 abbreviate your answers in thousands or in millions. a. 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

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