Reference no: EM132515237
Question - On July 1, 2020, Sheffield Corporation purchased the net assets of Soorya Company by paying $426,000 cash and issuing a $52,300 note payable to Soorya Company. At July 1, 2020, the statement of financial position of Soorya Company was as follows:
Cash $74,300
Accounts payable $315,500
Accounts receivable 118,000
Soorya, capital 231,000
Inventory 98,800
Total $546,500
Land 51,100
Buildings (net) 74,300
Equipment (net) 80,100
Trademarks (net) 49,900
Total $546,500
The recorded amounts all approximate current values except for land (worth $58,500), inventory (worth $138,900), and trademarks (worthless). The receivables are shown net of an allowance for doubtful accounts of $11,000. The amounts for buildings, equipment, and trademarks are shown net of accumulated amortization of $22,000, $24,000, and $50,000, respectively. Prepare the July 1, 2020 entry for Sheffield Corporation to record the purchase.
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