On August 15, 2018, Willis Inc. acquired all of the outstanding common stock of Bork Inc. paying $7,400,000 cash. The book values and fair values of Willis' assets and liabilities are listed below: Required:
Prepare the journal entry to record the acquisition by Willis Inc.

Question

On August 15, 2018, Willis Inc. acquired all of the outstanding common stock of Bork Inc. paying $7,400,000 cash. The book values and fair values of Willis' assets and liabilities are listed below:  Required:
Prepare the journal entry to record the acquisition by Willis Inc.

Quizplus · Accepted Answer

The Answer of On August 15, 2018, Willis Inc. acquired all of the outstanding common stock of Bork Inc. paying $7,400,000 cash. The book values and fair values of Willis' assets and liabilities are listed below:  Required:
Prepare the journal entry to record the acquisition by Willis Inc.