VMware, Inc. is a subsidiary of Dell Technologies Inc., providing customers with IT resource management. In fiscal 2020, VMware acquired Avi Networks, Inc., a provider of multi-cloud application delivery services, for $201 million. This price reflected goodwill of $137 million and identifiable intangible assets of $56 million. Assume that VMware paid the acquisition price in cash, and also incurred $6 million in acquisition-related legal and advisory services, paid in cash. Required Note: Provide all answers in millions. a. What was the fair value of tangible net assets, if any, that VMware recognized at the date of acquisition? $Answer 8 million b. Prepare the journal entry to record this business combination. Debit Credit Goodwill 137 0 Answer Identifiable intangible assets 56 0 Answer N/A 0 0 Answer 0 0 Answer Cash 0 0 Answer To record the business combination
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