Question: Hyacinth Enterprises acquired 100 of the net assets of Bulb

Hyacinth Enterprises acquired 100% of the net assets of Bulb Limited on July 14, 2013. The total purchase price was $895,679, paid in cash on that date. The assets and liabilities that Hyacinth Enterprises acquired were as follows:
Accounts Receivable = $145,628
Inventory = $245,918
Property, Plant and Equipment = $501,234
Accounts Payable = $167,291
Long-Term Debt = $199,201
Record the journal entries necessary on the part of Hyacinth Enterprises.

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  • CreatedJune 09, 2015
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