The Poonamalie Company paid $6,000,000 in cash to the shareholders of the Slys Company for all of Slys' outstanding shares. Attorneys' fees related to the combination were $200,000, paid in cash. A comparison of the book and fair values of Slys' assets and liabilities follows: Cash and receivables Equity method investments Inventory Plant assets, net, Current liabilities Long-term debt Net assets Book Value Fair Value $50,000 $50,000 300.000 400,000 700.000 300,000 2.000.000 1,200,000 350.000 250.000) (1.800.000) (1.700.000) $900,000 $100,000) Required a. Prepare the journal entry made by Poonamalie to record the business combination as a merger Description General Journal Cash and receivables Equity method investments Inventory Plant assets Merger expenses income) Current liabilities Long term debt Debit Credit