Question 3 Not complete Marked out of 10.00 Flag question Merger and Stock Investment Saxton Corporation purchases all of Taylor Company's assets and liabilities on January 1, 2013, for $24 million in cash. At the date of acquisition, Taylor's reported assets consist of current assets of $20 million and plant and equipment of $100 million. It reports current liabilities of $32 million and long-term debt of $80 million. Investigation reveals that Taylor's plant and equipment is overvalued by $3.6 million and it has an unreported customer database valued at $1 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 Debit Credit Current assets Plant and equipment Customer database Current liabilities Long-term debt b. Assume that Saxton purchases all of Taylor's voting stock on January 1, 2013, for $24 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. Check General Journal Description Debit Credit