Reference no: EM132787834
Question - On August 31, 2020, Prosperous Company purchased the net assets of Poly Sask Co. for $438,000. The balance sheet for Poly Sask Co. at August 31, 2020 provided the following information:
Cash $34,625
Accounts payable $27,200
Accounts receivable $28,160
Note payable $68,900
Long-term investments $55,400
Machinery (at cost) $356,000
Common shares $33,170
Accumulated depreciation, machinery ($89,100)
Retained earnings $255,815
Total assets $385,085
The fair values of Poly Sask Co.'s assets and liabilities at August 31, 2020 are as follows:
Cash $34,625
Accounts receivable $28,160
Long-term investments $86,200
Machinery $342,900
Accounts payable $27,200
Note payable $68,900
Required - Prepare the journal entry required by Prosperous Company to record the purchase of the net assets of Poly Sask Co. on August 31, 2020.
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