Is this done correctly?

Assume an investor purchases the business of an investee for $26,880. The fair values of the individual net assets are equal to their reported book values. The investee company reports the following balance sheet on the acquisition date:

Current assets	$23,520		Current liabilities	$16,800
Property, plant and equipment, net	33,600		Long-term liabilities	13,440
	-		Stockholders' equity	26,880
Total assets	$57,120		Total liabilities & equity	$57,120

Parts a. and b. are independent of each other.

a. Provide the journal entry if the investor pays cash and purchases the assets and assumes the liabilities of the investee company.

		Debit	Credit
	Current Assets	23520
	PPE, net	33600
	Current Liabilities		16800
	Long-term Liabilities		13440
	Cash		26880
	(to record the acquisition)

b. Provide the journal entry if the investor pays cash and purchases all of the stock of the investee's shareholders.

		Debit	Credit
	Equity Investment	26880
	Cash		26880
	(to record the acquisition)