The notes to recent financial statements of Colgate-Palmolive Company contained the following information (dollar amounts in millions):

3. Acquisitions and Divestitures

On June 20, 2011, the Company . . . finalized the Companys acquisition from Unilever of the Sanex personal care business . . . for an aggregate purchase price of $966. . . . This strategic acquisition is expected to strengthen Colgates personal care business in Europe, primarily in the liquid body cleansing and deodorants business. Total purchase price consideration of $966 has been allocated to the net assets acquired based on their respective fair values at June 20, 2011. . . .

Colgate-Palmolive acquired 100 percent of the fair value of the net assets of Sanex for $966 million in cash. Assume that Sanexs assets (not detailed) at the time of the acquisition had a book value of $480 million and a fair value of $625 million. Colgate-Palmolive also assumed Sanexs liabilities of $70 million (book value and fair value of the liabilities are the same, not detailed).

Required:

Prepare the entry on the date of acquisition as a merger.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

Journal entry worksheet Record the entry on the date of acquisition as a merger. Note: Enter debits before credits