Monty Industries purchased all the following assets and liabilities of Protector Goods for $925,000 cash: Book...

 

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Monty Industries purchased all the following assets and liabilities of Protector Goods for $925,000 cash: Book Value Fair Value Accounts Receivable $125,000 $125,000 Inventory 86,000 93,000 Property. Plant & Equipment (net) 568,000 683,000 Land 168,000 190,000 Accounts Payable 82,000 82,000 Notes Payable 111,000 111.000 Prepare the appropriate journal entries for Monty Industries on acquisition. (If no entry is required, select "No Entry for the titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manuc Monty Industries purchased all the following assets and liabilities of Protector Goods for $925,000 cash: Book Value Fair Value Accounts Receivable $125,000 $125,000 Inventory 86,000 93,000 Property. Plant & Equipment (net) 568,000 683,000 Land 168,000 190,000 Accounts Payable 82,000 82,000 Notes Payable 111,000 111.000 Prepare the appropriate journal entries for Monty Industries on acquisition. (If no entry is required, select "No Entry for the titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manuc

Answer rating: 100% (QA)

Acquisition entry Accounts receivable 125000 Inventory 93000 Property pla... View the full answer