On Jan 1, Salem Company acquired a controlling interest in Abdulla Company by purchasing 15,000 shares...

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On Jan 1, Salem Company acquired a controlling interest in Abdulla Company by purchasing 15,000 shares of Abdulla Company's stock from a local stock broker. This was the first time that Salem Company had invested in Abdulla Co, stock. On that day, Salem Company's stock had a par value of $1 per share and a market value of $30 per share. Abdulla company stock was selling for $23 per shar Information about Abdulla Company assets and liabilities is listed below. Abdulla Co. Book Values 45,000 65,000 40,000 400,000 (150,000) Cash & Receivables Inventory Land Buildings & Equipment Accumulated Depreciation Patent Current Liabilities 100,000 Required: Provide the journal entry made by Salem Co to record the acquisition. Arial + 3 (12pt) EET Abdulla Co Fair Values 45,000 75,000 70,000 350,000 80,000 110,000 QIXA Save As Ac On Jan 1, Salem Company acquired a controlling interest in Abdulla Company by purchasing 15,000 shares of Abdulla Company's stock from a local stock broker. This was the first time that Salem Company had invested in Abdulla Co, stock. On that day, Salem Company's stock had a par value of $1 per share and a market value of $30 per share. Abdulla company stock was selling for $23 per shar Information about Abdulla Company assets and liabilities is listed below. Abdulla Co. Book Values 45,000 65,000 40,000 400,000 (150,000) Cash & Receivables Inventory Land Buildings & Equipment Accumulated Depreciation Patent Current Liabilities 100,000 Required: Provide the journal entry made by Salem Co to record the acquisition. Arial + 3 (12pt) EET Abdulla Co Fair Values 45,000 75,000 70,000 350,000 80,000 110,000 QIXA Save As Ac

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