IBM acquires SoftCloud Technologies for $1.20 billion in cash on February 15, 2021. At the acquisition date, the reported assets and liabilities of SoftCloud have fair values as follows: (in millions) Fair Value Cash and receivables $400 Inventories 800 Property, plant, and equipment 3,500 Accounts payable 300 Long-term debt 3,850 In addition, the following items are not currently reported on SoftCloud's balance sheet: (in millions) Favorable lease agreements Skilled workforce Favorable press reviews on products Fair Value $150 15 5 Required Prepare the entry to record the business combination. Note: Show all numbers in millions. Debit Credit

In addition, the following items are not curtently reported on Softcloud s bulance sheet. Required Prepare the entry to record the business cambination Note: Show all numbers in millions. Reporting Assets Acquired and Liabilities Assumed IBM acquires Softcloud Technologies for $1.20 billion in cash on February 15, 2021. At the acquisition date, the reported assets and liabilies of SoftCloud have fair values as follows: - irrently reported on softclouds balance sheet Required Prepare the enty to record the business combination Nnte: Show all numbers in millions