Question: Do not copy and paste solution from other resouces because the numbers are different. Do not copy and paste solution from other resouces because the

Do not copy and paste solution from other resouces because the numbers are different.

Problem 11-4 Dave's Dance Company Accounts Receivable $155,000 Accounts Payable 22,000 Inventory 280,000 Note Payable 140,000 Fixed Assets $300,000 Common Stock 100,000 Accum Deprec (150,000) 150,000 Retained Earnings 100,000 Shea's Shoe Co. will buy Dave's Dance Company for $550,000. They estimate that the Accounts Receivable are worth about $150,000, the Inventory is worth $220,000 and the Fixed Assets are worth $170,000. Everything else is worth its book value. Prepare the journal entry for the purchase on Shea's Shoe Co. books

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