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Prepare journal entries associated with the purchase

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Question - On January 1, 2020, Sun Ltd. acquired RayBeams Corp. for a cash payment of $1,000,000. At the time of purchase, RayBeams' statement of financial position showed assets of $1,225,000, liabilities of $520,000, and owners' equity of $705,000. The fair value of RayBeams' assets is estimated to be $1,550,000 and the fair value of RayBeams' liabilities is estimated to be $535,000.

Based on the information above, calculate the amount of goodwill, if any, that was acquired by Sun Ltd. Based on the information above, prepare journal entries associated with the purchase of RayBeams on January 1, 2020.

Reference no: EM132797272

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