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Bargain Purchase
Using the data presented in E1-13, determine the amount Fortune Corporation would record as a gain on bargain purchase and prepare the journal entry Fortune would record at the time of the exchange if Fortune issued bonds with a par value of $580,000 and a fair value of $564,000 in completing the acquisition of Sorden.
E1-13:
Balance Sheet Item
Historical Cost
Fair Value
Cash & Receivables
$ 55,000
$ 50,000
Inventory
105,000
200,000
Land
60,000
100,000
Plant & Equipment
400,000
300,000
Less: Accumulated Depreciation
(150,000)
Goodwill
10,000
Total Assets
$480,000
$650,000
Accounts Payable
Common Stock
Additional Paid-In Capital
Retained Earnings
270,000
Total Liabilities & Equities
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