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Question - P Company Acquired the assets and assumed the liabilities of S Company on January 1, 2014, for $510,000 when S Company's balance sheet was as follows:
Cash
$96,000
Account Payable
$44,400
Receivables
55,200
Bonds Payable, 10%
Inventory
110,400
Due 12/31/2019
480,000
Land
169,200
Common Stock, $2 par v.
120.000
Plant and Equipments (net)
466,800
Retained Earnings
253,200
Total
$897,600
Fair value of S Company's assets and liabilities were equal to their book values except for the following:
Inventory has a fair value of $126,000
Land has a fair value of $198,000
The bonds pay interest semiannually on June 30 and December 31. The current yield rate on bonds of similar risk is 8%
Required: Prepare journal entry on P Company's books to record the acquisition of the assets and assumption of the liabilities of S Company.
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