England Textile Company acquired Belgium Fabric Company for $660,000 cash when Belgiums only assets, property and equipment, had a book value of $660,000 and a fair value of $750,000. England also assumed Belgiums bonds payable of $175,000. After the merger, Belgium would cease to exist as a separate legal entity. Record the acquisition.
Chapter 12, Mini Exercises #9
England Textile Company acquired Belgium Fabric Company for $660,000 cash when Belgium’s only assets, property and equipment, had a book value of $660,000 and a fair value of $750,000. England also assumed Belgium’s bonds payable of $175,000. After the merger, Belgium would cease to exist as a separate legal entity. Record the acquisition.
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Property and equipment (+A) ............................................................................................. …View the full answer
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