Reference no: EM132576080
On July 1, 2010, JBL Products purchased the net assets of DQU Industries for $285,000 cash. The assets included current assets of $125,000, property, plant, and equipment with a fair value of $250,000 (book value of $300,000), and a trademark valued at $150,000. JBL assumed liabilities totaling $200,000.
Question 1: The entry to record the purchase would include:
Option 1: None of the other answer choices is correct.
Option 2: A credit to Goodwill of $40,000
Option 3: A credit to Gain on Purchase of $40,000
Option 4: A debit to Goodwill of $90,000
Option 5: A debit to Goodwill of $40,000
Option 6: A credit to Gain on Purchase of $90,000
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