The notes to recent financial statements of the Colgate-Palmolive Company contained the following information (dollar amounts in millions):

Colgate-Palmolive acquired 100 percent of the fair value of the net assets of Sanex for $966 million in cash. Assume that Sanex’s assets (not detailed) at the time of the acquisition had a book value of $480 million and a fair value of $625 million. Colgate-Palmolive also assumed Sanex’s liabilities of $70 million (book value and fair value of the liabilities are the same, not detailed). Prepare the entry on the date of acquisition as a merger.

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3. Acquisitions and Divestitures On June 20, 2011, the Company... finalized the Company's acquisition from Unilever of the Sanex personal care business... for an aggregate purchase price of $966. ... This strategic acquisition is expected to strengthen Colgate's personal care business in Europe, primarily in the liquid body cleansing and deodorants business. Total purchase price consideration of $966 has been allocated to the net assets acquired based on their respective fair values at June 20, 2011....