Rockland Corporation purchased the net assets of Orleans Company by paying 254000 cash to Orleans Companys shareholders The recorded amounts all approximate current values except for land worth 60000 inventory worth 125000 trademarks worthless and bond liability faire value 85000

Answer rating: 100% (QA)

Answer Step1 Calculation of Avilable assets and liabilities Cash 60000 Inventory 110000 Building 140... View the full answer