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Give the entry that planket made to record

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Reference no: EM132634766

1. Spur Corporation reported the following balance sheet amounts on December 31, 20X1 :

Balance Sheet Item :

Cash & Receivable ; Historical Cost $50,000 ; Fair Value $40,000

Inventory ; Historical Cost 100,000 ; Fair value 150,000

Land ; Historical Cost 40,000 ; Fair value 30,000

Plant & Equipment ; Historical Cost 400,000 ; Fair value 350,000

Less : Accumulated Depreciation ; Historical value (150,000) ; Fair value -

Patent ; Historical Cost - ; Fair value 130,000

Total assets ; Historical Cost $440,000 ; Fair value $700,000

Accounts payable ; Historical Cost 80,000 ; Fair value 85,000

Common stock ; Historical Cost 200,000 ; Fair value -

Additional paid in capital ; Historical Cost 20,000 ; Fair value -

Retained Earnings ; Historical Cost 140,000 ; Fair value -

Total liabilities & Equites ; Historical Cost $440,000 ; Fair value -

Required :

Question 1: Planket acquired Spur Corporation's assets and liabilities for Rp 670.000 cash on December 31, 20X1. Give the entry that Planket made to record the purchase.

Reference no: EM132634766

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