Question

Fred Moss, owner of Medici Interiors Inc., is negotiating for the purchase of Athenian Galleries Ltd. The condensed statement of financial position of Athenian follows in an abbreviated form:
Medici and Athenian agree that the land is undervalued by $40,000 and the business equipment is overvalued by $12,000. Athenian agrees to sell the business to Medici for $382,000.
Instructions
Prepare the entry to record the purchase of the business's net assets on Medici's books.


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  • CreatedSeptember 18, 2015
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