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Record the purchase by Grand Champion

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Problem - Grand Champion Inc. purchased America's Sweethearts Corporation on January 1, 2019. At the time, America's Sweethearts had the following assets and liabilities (stated at fair value):

Cash $62,000

Accounts receivable 138,000

Inventory 185,000

Property, plant, and equipment 300,000

Patent 65,000

Accounts payable 200,000

Notes payable 325,000

Grand Champion paid $900,000 for America's Sweethearts. Record the purchase by Grand Champion.

Reference no: EM132887333

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