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Prepare the journal entry to record the purchases

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Reference no: EM132203860

QUESTION 1

Sandra CO. has the following balance sheet (fair market value)

Accounts Receivable $200,000

Inventory Receivable $150,000

P P E $500,000

Accumulated depreciation ($250,000)

stockholder's Equity $600,000

ACME ,Inc. acquires Sandra co, for $1,000,000

Prepare the journal entry to record the purchases.

Reference no: EM132203860

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