On July 1, 2020, Culver Corporation purchased Young Company by paying $261,900 cash and issuing a $105,000 note payable to Steve Young. At July 1, 2020, the balance sheet of Young Company was as follows.
Cash | $50,900 | Accounts payable | $204,000 | |||
---|---|---|---|---|---|---|
Accounts receivable | 91,900 | Stockholders’ equity | 239,000 | |||
Inventory | 102,000 | $443,000 | ||||
Land | 41,300 | |||||
Buildings (net) | 74,500 | |||||
Equipment (net) | 70,800 | |||||
Trademarks | 11,600 | |||||
$443,000 |
The recorded amounts all approximate current values except for land (fair value of $62,100), inventory (fair value of $126,100), and trademarks (fair value of $16,400).
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