on August $27,2024,$ Mendoza Inc. acquired all of the outstanding common stock of Buck Inc. paying $$7,400,000$ cash. The book values and fair values of Buck$$s assets and liabilities are listed below:

a$.$ Report the journal entry to record the acquisition by Mendoza Inc.

b$.$ What is the effect of this entry on total assets, liabilities, equity, revenues, expenses, and net income? Also report the total of all the entries. Give both direction and amount. Book Value Fair Value

Accounts Receivable $1,080,000975,000$

Inventory $1,620,0002,400,000$

PPE $5,400,0006,975,000$

Accounts Payable $1,800,0001,800,000$

Bonds Payable $2,700,0002,300,000$

Total $12,600,00014,450,000$