1. Helios Inc. acquires all of Selene Co.'s assets and liabilities on January 1, 2032, for $60 million in cash. Selene’s reported assets consist of current assets of $30 million and plant and equipment of $140 million. It reports current liabilities of $50 million and long-term debt of $100 million. Investigation reveals that Selene’s plant and equipment is undervalued by $8 million and it has an unreported brand value of $4 million.
   • Prepare the necessary journal entry on Helios’s books to record its acquisition of Selene on January 1, 2032.
   • Assume that Helios purchases all of Selene’s voting stock on January 1, 2032, for $60 million in cash. Prepare the necessary journal entry on Helios’s books to record the acquisition.