Merger and Stock Investment Saxton Corporation purchases all of Taylor Company's assets and liabilities on January 1, 2013, for $48 million in cash. At the date of acquisition, Taylor's reported assets consist of current assets of $40 million and plant and equipment of $200 million. It reports current liabilities of $64 million and long-term debt of $160 million. Investigation reveals that Taylor's plant and equipment is overvalued by $7.2 million and it has an unreported customer database valued at $2 million. a. Prepare the necessary journal entry on Saxton's books to record its acquisition of Taylor on January 1, 2013. Enter your answers in thousands. For example, $1 million = $1,000 or $500,000 = $500. General Journal Description Current assets Plant and equipment Customer database Goodwill Current liabilities Long-term debt Cash Debit 40,000 Credit b. Assume that Saxton purchases all of Taylor's voting stock on January 1, 2013, for $48 million in cash. Prepare the necessary journal entry on Saxton's books to record the acquisition. Enter your answers in thousands. For example, $1 million = $1,000 or $500,000 = $500. General Journal Description Debit Credit Investment in Taylor Cash