Conglomerate Company purchased Individual Company for $935,000 cash. A schedule of the fair values of Individual's assets
Question:
1. Make the journal entry necessary for Conglomerate Company to record the purchase.
2. Assume that the purchase price is $445,000 cash. Make the journal entry necessary to record the purchase.
Transcribed Image Text:
Individual Company Schedule of Asset and Liability Fair Values Assets 12,000 96,x Inventory land, buiklievi, antl cxyǐ(#nat .i19JXX) $712,00() Liabilities 16,000 91,000
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1 Cash 12000 Receivables 96000 Inventory 145000 Land Buildings and Equipment 519000 ...View the full answer
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