Goodwill Recognition
Spur Corporation reported the following balance sheet amounts on December 31, 20X1:
Balance Sheet Item | Historical Cost | Fair Value |
Cash and Receivables | $ 50,000 | $ 40,000 |
Inventory | 100,000 | 150,000 |
Land | 40,000 | 30,000 |
Plant and Equipment | 400,000 | 350,000 |
Less: Accumulated Depreciation | (150,000) |
|
Patent | _________ | 130,000 |
Total Assets | $440,000 | $700,000 |
Accounts Payable | $ 80,000 | $ 85,000 |
Common Stock | 200,000 |
|
Additional Paid-In Capital | 20,000 |
|
Retained Earnings | 140,000 |
|
Total Liabilities and Equities | $440,000 |
|
Required
Blanket acquired Spur Corporation’s assets and liabilities for $670,000 cash on December 31, 20X1. Give the entry that Blanket made to record the purchase.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.