The notes to recent financial statements of Colgate Palmolive contained the The notes to recent…

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

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 …

Assume that Colgate-Palmolive acquired 100 percent of the fair value of the net assets of Sanex in a recent year for $1,377 million in cash. Sanex’s assets at the time of the acquisition had a book value of $625 million and a fair value of $1,036 million. Colgate-Palmolive also assumed Sanex’s liabilities of $70 million (book value and fair value of the liabilities are the same). Prepare the entry on the date of acquisition as a merger

The notes to recent financial statements of Colgate Palmolive contained the

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