England Textile Company acquired Belgium Fabric Company for $660,000 cash when Belgiums only assets, property and equipment,

Question:

England Textile Company acquired Belgium Fabric Company for $660,000 cash when Belgium’s only assets, property and equipment, had a book value of $660,000 and a fair value of $750,000. England also assumed Belgium’s bonds payable of $175,000. After the merger, Belgium would cease to exist as a separate legal entity. Record the acquisition.