The notes to recent financial statements of Colgate-Palmolive contained the following information:

2. Acquisitions
On December 18, the Company agreed to acquire GABA Holding AG (GABA), a privately owned European oral care company headquartered in Switzerland. The transaction is structured as an all-cash acquisition of between 80% and 100% of the outstanding shares of GABA for an aggregate price ranging from 800 million Swiss francs to 1,050 million Swiss francs (approximately $645.0 to $846.5 based on December 31, exchange rates). . . .

Assume that Colgate-Palmolive acquired 100 percent of the fair value of the net assets of GABA in the recent year for $700 million in cash. GABA’s assets at the time of the acquisition had a book value of $510 million and a market value of $550 million. Colgate-Palmolive also assumed GABA’s liabilities of $170 million (book value and market value are the same). Prepare the entry on the date of the acquisition assuming it is a merger.