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

2. Acquisitions

On May 1, the Company completed the purchase . . . of the outstanding shares of Tom’s of Maine, Inc., for approximately $100 plus transaction costs. Tom’s of Maine gave Colgate the opportunity to enter the fast-growing health and specialty trade channel in the U.S. where Tom’s of Maine toothpaste and deodorants are market leaders. The cost to acquire Tom’s of Maine, Inc., was allocated to the assets acquired and the liabilities assumed at the date of acquisition based on fair values. In the second quarter of 2007, the final purchase price allocation of the acquisition was completed. . . .

Assume that Colgate-Palmolive acquired 100 percent of the fair value of the net assets of Tom’s of Maine in a recent year for $100 million in cash. Tom’s of Maine’s assets at the time of the acquisition had a book value of $70 million and a fair value of $82 million. Colgate-Palmolive also assumed Tom’s of Maine’s liabilities of $24 million (book value and fair value are the same). Prepare the entry on the date of acquisition as a merger.