Question: Everything I am finding has more the a two line journal entry. Please help. Exercise 5-3 Pace Company purchased 20,000 of the 25,000 shares of

Everything I am finding has more the a two line journal entry. Please help.

Everything I am finding has more the a two line journal entry.

Exercise 5-3 Pace Company purchased 20,000 of the 25,000 shares of Saddler Corporation for $518,200. On January 3, 2014, the acquisition date, Saddler Corporation's capital stock and retained earnings account balances were $504,000 and $98,500, respectively. The following values were determined for Saddler Corporation on the date of purchase: Inventory Other current assets Marketable securities Plant and equipment Book Value $49,700 199,000 98,000 298,300 Fair Value $68,800 199,000 125,000 333,000 (a) Prepare the entry on the books of Pace Company to record its investment in Saddler Corporation. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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