Sully Company's January 1, 2020 Balance Sheet Is as Follows

Sully Company's January 1, 2020 balance sheet is as follows:
$$\begin{array} { | l | c | l | r | } \hline \text { As sets } & & \text { Liabilities \& Equity } & \\\hline \text { Cash, receivables } & \$ 3,000,000 & \text { Current liabilities } & \$ 2,000,000 \\\hline \text { Invento ries } & 4,000,000 & \text { Long-term liabilities } & 6,500,000 \\\hline \text { Equity method investments } & 1,000,000 & \text { Capit al stock } & 2,000,000 \\\hline \text { Land, building \& equipment } & 5,500,000 & \text { Ret ained earnings } & 3,500,000 \\\hline & & \begin{array} { l } \text { Accumulated other } \\\text { comprehensive loss }\end{array} & \{ 400,000 \} \\\hline & & \text { Treasury stock } & \underline { \{ 100,000 \} } \\\hline \text { Total ass ets } & \$ 13,500,000 & \text { Total liabilities \& equity } & \$ 13,500,000 \\\hline\end{array}$$ On January 1, 2020, Pronto Corporation acquired Sully's assets and liabilities for $50 million in cash. Sully's cash and receivables, and current liabilities were reported at values approximating fair value. However, its inventories were overvalued by $2,000,000, and its equity method investments were undervalued by $3,000,000. Its land, buildings & equipment were overvalued by $2,500,000, and its long-term liabilities were undervalued by $500,000. The accountants identified the following possible intangible assets attributed to Sully but not currently recorded on its balance sheet:
$$\begin{array} { | l | r | } \hline & \text { Fair Value } \\\hline \text { Skilled wo rkforce } & \$ 7,000,000 \\\hline \text { Favo rable leases } & 5,000,000 \\\hline \text { Developed technology } & 2,000,000 \\\hline \text { Pro spective customer contracts } & 1,500,000 \\\hline \text { Synergies on future projects } & 3,000,000 \\\hline\end{array}$$ Required
Prepare Prance's journal entry to record the acquisition.