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Question - On July 1, 2020, Grouper Corporation purchased Young Company by paying $253,500 cash and issuing a $139,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows.
Cash
$50,900
Accounts payable
$208,000
Accounts receivable
90,600
Stockholders' equity
243,400
Inventory
110,000
$451,400
Land
41,800
Buildings (net)
75,700
Equipment (net)
71,400
Trademarks
11,000
The recorded amounts all approximate current values except for land (fair value of $64,300), inventory (fair value of $127,000), and trademarks (fair value of $16,880).
Required - Prepare the July 1 entry for Grouper Corporation to record the purchase.
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