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Question
On July 1, 2017 A1 company Purchased the net assets of B2 company by paying 415000 in cash and issuing a 50000 note payable to B2. At July 1, 2017, the statement of financial position of B2 was as follows:
Cash 75000
Accounts Receivable 102000
Inventory 98000
Land 50000
Buildings (net) 75000
Equipment (net) 90000
Trademarks (net) 49000
Total Assets 539000
Accounts Payable 300000
B2, Capital 239000
Total Liabilities and Equity 539000
The recorded amounts all approximate current values except for land (worth 6000), inventory (worth 125000) and trademarks (worthless).
The receivables are shown net of an allowance for doubtful accounts of 12000. The amounts for buildings, equipment and trademarks are shown net of accumulated amortization of 14000, 23000 and 47000 respectively.
Q: Prepare the July 1, 2017 entry for A1 to record the purchase.
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