Homework Answers
Requirement 1.
| Fair value of assets | 900 |
| Fair value of liabilities | (150) |
| Fair value of the net assets | 750 |
Requirement 2
| Accounts | Debit | Credit |
| Assets | 900 | |
| Liabilities | 150 | |
| Cash | 750 | |
| (To record purchase of net assets) |
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