Corn Co. paid 1,200,000 to purchases all SATA Co. company in 1/1/2017, the fair market value...

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Corn Co. paid 1,200,000 to purchases all SATA Co. company in 1/1/2017, the fair market value of SATA Co. assets and liabilities on that date were Cash 100,000 Inventory 150.000 Account receivables 350000, Property plant and equipment 500,000 931000 Current liabilities 200,000 In 31/12/2017 the net assets (include good will) of SATA Company was 150,000, the recovery amount 1,000,000 and the fair market value of assets without good will was 950,000. Required Prepare all necessary entries on January and December 31, 20172 Corn Co. paid 1,200,000 to purchases all SATA Co. company in 1/1/2017, the fair market value of SATA Co. assets and liabilities on that date were Cash 100,000 Inventory 150.000 Account receivables 350000, Property plant and equipment 500,000 931000 Current liabilities 200,000 In 31/12/2017 the net assets (include good will) of SATA Company was 150,000, the recovery amount 1,000,000 and the fair market value of assets without good will was 950,000. Required Prepare all necessary entries on January and December 31, 20172

Answer rating: 100% (QA)

Journal entries the above case comes under amalgamation Journal entries in case of purchase Due ... View the full answer