Question: Hi there I need help with this question asap please. Please make sure answers are correct. please answer all parts of the question On Januarv
Hi there I need help with this question asap please. Please make sure answers are correct. please answer all parts of the question



On Januarv 1. 2020. AMi Corporation purchased the nonicashnet assets of kinghire Lta. for 58,37a. 500 Foliowinzis the statement of financial position of Kingbird Led from the company's year end the previous dar. As part of the negotiations. AMI and Kingbird agreed on the following fair values for the items on Kingbird's statement of financial position: As part of the negotiations, AMI and Kingbird agreed on the following fair values for the hems on Kingbird s statement of financial position: Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Kingbird Ltd, assuming AMI paid cash for the net assets. (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 amount is entered. Do not indent manually.) Prepare the journal entry on the books of AMI Corporation to record the purchase of the net assets of Kingbird Ltd, assuming AMI paid cash for the net assets. (If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry on the books of AMI Corporation to record the purchase, assuming that instead of buying the net assets of Kingbird, AMI purchased all of the company's shares, instead. (If no entry is required, select "No Entry" for the account titles and enter of or the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually)
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