PLEASE SHOW WORKING

Kash, Inc used debentures with a par value of $660,000 to acquire 100% of Sheb, Inc. on January 1, 2013. On the date the fair value of the debentures issued was $644,000. The following balance sheet data were reported by Sheb at the point of the acquisition: Prepare the entry to record the above transaction Cash & Receivables Inventory Land Plant & Equipment Less: Accumulated Depreciation Total Assets Historical Cost 80,000 145,000 75,000 450,000 (170,000) 580,000 Fair Value 75,000 200,000 75,000 350,000 700,000 50,000 Account Payable Common Stock Additional Paid in Capital Retain Earnings Total Liability & Equity 50,000 100,000 60,000 370,000 580,000