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Purchase of a Company
Landers Inc. is considering purchasing J&B Properties, which has the following assets and liabilities.
Cost
Fair Market Value
Accounts receivable
$ 210,000
$ 200,000
Inventory
250,000
260,000
Prepaid insurance
12,000
Buildings and equipment (net)
88,000
168,000
Accounts payable
(130,000)
Net assets
$ 430,000
$ 510,000
1. Make the journal entry necessary for Landers Inc. to record the purchase if the purchase price is $650,000 cash.
2. Assume that the purchase price is $320,000 cash. Make the journal entry necessary to record the purchase.
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