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Prepare the journal entry to record the acquisition

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Question - On January 1, 2021, Ally Corporation entered into a contract to acquire all of the net assets of Davis Ltd. for cash of $187,000. Ally was identified as the acquirer. The fair value of the assets were $160,000 and the fair value of the liabilities were $50,000.

Prepare the journal entry to record the acquisition of the net assets.

Reference no: EM132818237

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