Barton Company is contemplating the acquisition of the net assets of Crowley Company for $850,000 cash. To complete the transaction, acquisition costs are $15,000. The balance sheet of Crowley Company on the purchase date is as follows:

The following fair values have been obtained for Crowley€™s identifiable assets and liabilities:
Current assets .............. $100,000
Land................... 90,000
Building................. 300,000
Equipment ............... 275,000
Liabilities ............... 102,000
1. Record the acquisition of the net assets of Crowley Company on Barton Company€™s books.
2. Record the sale of the net assets on the books of Crowley Company.
3. Record the acquisition of 100% of the common stock of Crowley Company on Barton€™s books. Crowley Company will remain a separate legal entity.

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Crowley Company Balance Sheet December 31, 2011 Assets Liabilities and Equity Current assets .. - . . .80,000 ibilities Land. Building... Accumulated depreciation building. Equipment Accumulated depreciation-equipment $100,000 100,000 150,000 Retained earnings . . 230,000 Common stock ($10 par) Paid-in capital in excess of par 50,000 450,000 (200,000 300,000 100,000 $580,000 Total assets. oal labilities and equity $580,000