This is data from the Marjean Company: Accounts Receivable Inventory $100,000 80,000 Fixed Assets $600,000 Accum...

 

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This is data from the Marjean Company: Accounts Receivable Inventory $100,000 80,000 Fixed Assets $600,000 Accum Deprec 200,000 400,000 Accounts Payable Note Payable Owners' Equity 30,000 150,000 400,000 Burden Co. will buy Marjean Company for $1,300,000. They estimate the Accounts Receivable are worth $ 92,000, the Inventory is worth $140,000 and the Fixed Assets are worth $550,000. Everything else is worth its book value. Prepare the journal entry for the purchase on Burden Co.'s books. This is data from the Marjean Company: Accounts Receivable Inventory $100,000 80,000 Fixed Assets $600,000 Accum Deprec 200,000 400,000 Accounts Payable Note Payable Owners' Equity 30,000 150,000 400,000 Burden Co. will buy Marjean Company for $1,300,000. They estimate the Accounts Receivable are worth $ 92,000, the Inventory is worth $140,000 and the Fixed Assets are worth $550,000. Everything else is worth its book value. Prepare the journal entry for the purchase on Burden Co.'s books.

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