Please don't provide answer in image format thank you Reporting Assets Acquired and Liabilities AssumedIBM acquires SoftCloud Technologies for $2.88 billion in cash on February 15, 2021. At the acquisition date, the reported assets and liabilities of SoftCloud have fair values as follows:(in millions)Fair Value$960Cash and receivablesInventoriesProperty, plant, and equipmentAccounts payableLong-term debt1,9208,4007209,240In addition, the following items are not currently reported on SoftCloud's balance sheet:(in millions)Fair ValueFavorable lease agreements$360Skilled workforce36Favorable press reviews on products12RequiredPrepare the entry to record the business combination.Note: Enter all numbers in millions. Prepare the entry to record the business combination.Note: Enter all numbers in millions.To record acquisition of SoftCloud.VDebit0000000Credit0c000

Journal entry records the accounting transactions of a business in a journal book. All the business…

IBM acquires SoftCloud Technologies for $2.88 billion in cash on February 15, 2021. At the acquisition date, the reported assets and liabilities of SoftCloud have fair values as follows: (in millions) Fair Value Cash and receivables $960 1,920 8,400 720 9,240 Inventories Property, plant, and equipment Accounts payable Long-term debt