Reference no: EM132544162
On January 31, 2004, EDGET Corporation acquired for Br five hundred forty thousands (540,000) cash all the net assets except cash of HIBRET Company and paid Br 60,000 to a law firm for legal services in connection with the business combination.
The balance sheet of HIBRET Company on January 31, 2004 was as follows:
HIBRET Company
Balance Sheet
January 31, 2004
Assets:
Liabilities and Shareholders' Equity
Cash ......................................40,000
Liabilities................................620,000
Other Current Assets...............280,000
Common Stock.......................250,000
Plant Assets (net)....................760,000
Retained Earning....................330,000
Intangible Assets ....................120,000
Total Assets ...........................1,200,000
Total Liab. & SHEs.................1,200,000
The present value of HIBRET Company's liabilities on January 31, 2004 was Br 620,000, the current fair values of its non-cash assets were as follows on January 31, 2004:
Other current assets......................................................300,000
Plant Assets..................................................................874,000
Intangible Assets..........................................................76,000
Instruction:
Question 1: Prepare journal entries for EDGET Corporation on January 31, 2004 to record the acquisition of net assets of HIBRET Company's except cash.
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