Goodwill and Bargain Purchase Panda Corporation paid $ 2 , 0 0 0 , 0 0 0
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Question:
Goodwill and Bargain Purchase
Panda Corporation paid $ in cash for all of Sim Corporations assets and liabilities in a merger. The following table shows three possible cases for the merger:
Fair Value
Account Case Case Case
Current assets $ $ $
Plant assets
Identifiable intangible assets
Liabilities
Fair value of identifiable net assets $ $ $
Required
In each of the above cases, prepare the journal entry Panda makes to record the business combination.
Instructions:
Not all dropdown answers may be required for the journal entry in each case. If an account is not required, select NA as your answer.
Enter answers using all zeros do not abbreviate to thousands
Case :
General Journal
Description Debit Credit
Current assets
Plant assets
Identifiableintangibles
Liabilities
Cash
Case :
General Journal
Description Debit Credit
Current assets
Plant assets
Identifiableintangibles
Liabilities
Cash
Case :
General Journal
Description Debit Credit
Current assets
Plant assets
Identifiableintangibles
Liabilities
Cash
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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