In a pre-2009 business combination, Acme Company acquired all of Brem Companys assets and liabilities for cash. After the combination Acme formally dissolved Brem. At the acquisition date, the following book and fair values were available for the Brem Company accounts:

	Book Values			Fair Values
Current assets	$	85,500		$	85,500
Equipment		125,500			188,700
Trademark		0			366,000
Liabilities		(66,000	)		(66,000	)
Common stock		(100,000	)
Retained earnings		(45,000	)

Note: Parentheses indicate a credit balance.

In addition, Acme paid an investment bank $22,000 cash for assistance in arranging the combination.

a.

Using the legacy purchase method for pre-2009 business combinations, prepare Acmes entry to record its acquisition of Brem in its accounting records assuming the following cash amounts were paid to the former owners of Brem: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations to two decimal places.)

1. $460,000 - Journal entry to record the acquisition date fair values.

This is what I have so far:

Dr. Current Assets $85,500 Dr. Equipment xxxxxx Dr. Trademark xxxxxx Cr. Liabilities 66,000 Cr. Cash 482,000

I can't seem to get the right amount for equipment or trademarks. I know that it's using the purchase method and since the purchase price is less than fair value, we need to reduce these values proportionately, but I can't seem to get it.