International Technology Inc. (111) acquires all of the voting stock of Global Outsourcing Corporation (GOC) on June 30, 2010. Amounts paid are as follows (in millions): Cash consideration to the former shareholders of GOC $60 1,200,000 shares of new $1 par common stock issued Registration fees on new stock issued, paid in cash Outside legal and advisory services, paid in cash Fair value of earnings contingency 72 3.6 6 2.4 The earnings contingency provides for a potential payout to the former shareholders of GOC at the end of the third year following acquisition. The balance sheets of both companies immediately prior to the acquisition are as follows. Fair values of GOC's assets and liabilities at the date of acquisition are also provided. ITI GOC Balance Sheets (in millions) Book Value Book Value Fair Value Current assets $240 $12 $18 Property, plant and equipment, net 600 156 84 Intangible assets 1,560 24 36 Total assets $2,400 $192 Current liabilities $180 $24 $24 Long-term liabilities 1,440 120 123.6 Common stock, par 24 4.8 Additional paid-in capital 660 72 Retained earnings 120 (30) Accumulated other comprehensive income Treasury stock (18) 3.6 Total liabilities and equity (6) $2,400 (2.4) $192 The intangible assets reported above consist of patents and trademarks. GOC also has the following previously unreported intangible assets that meet ASC Topic 805 requirements for asset recognition: Fair Value Advanced technology Customer lists $6 30 (a) Prepare the journal entry or entries ITI makes to record the acquisition on its own books (in millions and enter all decimal places). General Journal Description Debit Credit Investment in GOC 0 0 0 0 Common stock 0 0 Additional paid-in capital 0 0 0 0 Cash 0 0