What is the journal entry to record the transaction

Assignment Help Accounting Basics
Reference no: EM132454899

Question - Our Corporation purchased all of the outstanding stock of Their Corporation, paying $700,000 cash. Our Corporation assumed all of the liabilities. Fair values of the acquired assets and liabilities were:

Fair Values:

Current assets (net) $150,000

Property, Plant & Eqmt (net) 450,000

Liabilities 450,000

What is Goodwill? Also, what is the journal entry to record the transaction? Please show your work.

Reference no: EM132454899

Questions Cloud

Gone through a formal orientation program for a job : Gone through a formal orientation program for a job you've held? Been asked to assist in the orientation of a new employee?
Discuss about minimally invasive interfaces to the brain : Discuss As the 2017 Global Grand Challenges Summit, Dr. Rikky Muller talks about "Miniaturized and Minimally Invasive Interfaces to the Brain."
What is the supervisor role in employee orientation : What is the supervisor's role in employee orientation? What could be done to convince or encourage a skeptical supervisor to fulfill this role in organization
Discuss two details one might encounter or experience : Discuss two details one might encounter or experience on the pilgrimage to Santiago de Compostela that you think a medieval Christian pilgrim might find meaning
What is the journal entry to record the transaction : Our Corporation purchased all of the outstanding stock of Their Corporation, paying $700,000 cash. What is the journal entry to record the transaction
Activities of top management of microsoft corporation : Trace the activities of top management of Microsoft Corporation (Team One) and Facebook (Team Two) and Twitter (Team Three) and Instagram (Team Four)
Three-stage model of organizational socialization : Using Feldman's three-stage model of organizational socialization (anticipatory socialization, encounter, and change and acquisition)
Discuss and explore standard network device and technologies : The owner asks you for assistance in developing a theoretical network architecture for when they expand into new facilities,a colocation center in your downtown
What role does art play in contemporary society : What role does art play in contemporary society? What role do you think art plays in modern society?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the net present value of this machine

The required rate of return on this investment is 15%. Calculate the Net Present Value of this machine

  Discuss cost concepts used in manufacturing accounting

Discuss cost concepts used in manufacturing accounting. Be sure to address the basic product cost components. Cite references using APA

  What do we mean by the term deferred revenue

What do we mean by the term deferred revenue, How would these transactions be recorded under the cash basis of accounting

  Calculate myrtle return on investment

Myrtle Company has sales of $218,000, cost of goods sold of $87,900, Calculate Myrtle's return on investment and its residual income

  Prepare the consolidation worksheet for crain and downey

Prepare the consolidation worksheet for Crain and Downey

  Record the entries to first charge production costs

Record the entries to first charge production costs for the period and to then record the loss due to spoiled work

  What would you suggest to phil concerning

Summarize the implications of each dividend hypothesis/theory found in your financial management textbooks. Which one explains what is going on with Haveloche?

  Calculate the amount of the cash discount allowable

Merchandise subject to terms 1/10, n/30, FOB shipping point,is sold on account to a customer for $18,000. The seller issued acredit memorandum for $4,000 prior to payment. What is the amount of the cash discount allowable?

  A company has the return on equity of 20 percent a debt

a company has a return on equity of 20 percent a debt ratio of 55 percent and a profit margin of 12 percent. the

  Red and green each own common stock in the blue company if

1.a corporation may purchase treasury stock for all of the following reasons except a. to support the market price of

  What is jan interest deduction for the first year

Jan purchases taxable bonds with a face value of $250,000 for $265,000. What is Jan's interest income for the first year

  Prepare the journal entry to record the appropriate payment

Prepare the journal entry to record the appropriate payment if the entire invoice is paid on July 8, 2016.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd