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Asset Purchase, Cash
P Company acquired the assets and assumed the liabilities of S Company on January 1, 2010, for $510,000 when S Company"s balance sheet was as follows:
S COMPANY Balance Sheet January 1, 2010
Cash
$ 96,000
Receivables
55,200
Inventory
110,400
Land
169,200
Plant and equipment (net)
466,800
Total
$897,600
Accounts payable
$ 44,400
Bonds payable, 10%, due 12/31/2015, Par
480,000
Common stock, $2 par value
120,000
Retained earnings
253,200
Fair values of S Company"s assets and liabilities were equal to their book values except for the following:
Required:
Prepare the journal entry on P Company"s books to record the acquisition of the assets and assumption of the liabilities of S Company.
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