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Allerton Company acquires all of Deluxe Company's assets and liabilities for cash on January 1, 2015, and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts:
Book Values Fair Values
Current assets $46,750 $46,750
Building 100,750 57,850
Land 15,750 35,350
Trademark 0 38,000
Goodwill 23,000 ?
Liabilities (51,250) (51,250)
Common stock (100,000)
Retained earnings (35,000)
Question 1: Make Allerton's entry to record its acquisition of Deluxe in its accounting records assuming the following cash exchange amounts: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Option (1) $165,500.
Option (2) $102,500.
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