On August 15, 2024, Willis Incorporated acquired all of the outstanding common stock of Bork Incorporated paying $7,400,000 cash. The book values and fair values of Bork's assets and liabilities are listed below:

	Book Value	Fair Value
Accounts receivable	$ 1,080,000	$ 975,000
Inventories	1,620,000	2,400,000
Property, plant, and equipment	5,400,000	6,975,000
Accounts payable	1,800,000	1,800,000
Bonds payable	2,700,000	2,475,000

Required: Prepare the journal entry to record the acquisition by Willis Incorporated.