Brightcove, Inc. acquires Ciber, Inc. for $62.5 million in cash and accounts for the acquisition as a merger. Ciber's balance sheet at the date of acquisition is as follows (in thousands): Book Value Fair Value Current assets $500 $375 Plant and equipment 15,000 5,000 Licenses and trademarks 6,250 8,750 Total assets $21,750 Current liabilities $1,000 1,000 Long-term liabilities 12,500 13,750 Capital stock 10,000 Retained earnings (1,750) Total liabilities and equity $21,750 Brightcove hires a consultant to identify and value any previously unreported intangible assets attributable to Ciber at the date of acquisition. The consultant identifies the following intangibles: (in thousands) Fair Value Customer contracts $1,250 Assembled workforce 25,000 Brand names 6,250 Leases at rents below current market 500 Developed technology 1,875 In-process research and development 375 Future cost savings from elimination of duplicate assets 1,000 Additional expected revenues from bundling products 750Prepare the journal entry Brightcove makes to record the acquisition. General JournalDescription Debit CreditCurrent assetsPlant and equipmentLicenses and trademarksCustomer contractsBrand namesGoodwillCurrent liabilitiesLong term liabilities