On August 15, 2006, Willis Inc. purchased all of the outstanding common stock of Bork Inc. paying…

of Willis’ assets and liabilities are listed below:

Book Value Fair Value

Account Receivable	$1,080,000	$975,000
Inventories	$1,620,000	$2,400,000
Property Plant and equipment	$5,400,000	$6,975,000
Account Payable	$1,800,000	$1,800,000
Bond Payable	$2,700,000	$2,475,000

Required:

Prepare the journal entry to record the acquisition by Willis Inc

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