Question: This Short Exercise demonstrates the similarity and the difference between two ways to acquire capital assets (Click the icon to view the two cases.) Compare




This Short Exercise demonstrates the similarity and the difference between two ways to acquire capital assets (Click the icon to view the two cases.) Compare the balances in all the accounts after making both sets of entries. Are the account balances the same or different? Journalize the transactions for cases A and B. (Record debits first, then credits. Explanations are not required. Leave any unused cells blank.) Let's begin with case A Record the issuance of the common shares Journal Entry Accounts Debit Credit Case A Record the purchase of the building and equipment Journal Entry Accounts Debit Credit tries. Are the account balances the same or different? Debit Cases 5. Case B-Issue shares to Case A-Issue shares and buy the acquire the assets in a single assets in separate transactions: transaction: Waterview Corporation issued 18,000 Creston Corporation issued common shares for cash of $432,000. In a 18,000 common shares to acquire separate transaction, Waterview used the a warehouse valued at $160,000 cash to purchase a warehouse building for and equipment worth $272,000. $160,000 and equipment for $272,000 Journalize this transaction Journalize the two transactions Debit Print Done s. Are the account balances the same or different? hen continue to the next question. Accounts Debit Credit Case B. Record the issuance of the common shares to acquire assets Journal Entry Accounts Debit Credit Compare the balances in all accounts after making both sets of entries. Are the account balances the same or different? The account balances are Case B Record the issuance of the common shares to acquire assets Journal Entry Accounts Debit Credit Compare the balances in all accounts after making both sets of entries. Are the account balances the same or different? The account balances are Choose from any list or er different the input fields and then continue to the next question. the same
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