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L01 47. Asset acquisition vs. stock purchase (fair value differs from book value) Assume the investor purchases the same net assets in Exercise 46., but now assume the cash purchase price is $25,200. The investor is willing to purchase the investee's business for this amount because the fair value of the PPE is $23,520 and the fair value of a (previously unrecognized) customer list is $5,040 (the fair values of all other assets and liabilities are equal to their book values). Parts a. and b. are independent of each other. a. Provide the journal entry if the investor purchases the assets and assumes the liabilities of the investee company. b. Provide the journal entry if the investor purchases all of the stock of the investee's shareholders