Question: How do I record these entries in a T Account. UFP acquired all of the assets and liabilities of Vulcan LLC for $353,000 cash. The

How do I record these entries in a T Account.

  1. UFP acquired all of the assets and liabilities of Vulcan LLC for $353,000 cash. The assets included equipment valued at $425,000 (this equipment was carried on the books of Vulcan LLC at $300,000 net), accounts receivable of $230,000, accounts payable of $250,000, and a short-term bank loan of $52,000. There were no intangible assets.

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