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Allerton Company acquires all of Deluxe Companys assets and liabilities for cash on January 1, 2018, and subsequently formally dissolves Deluxe. At the acquisition date, the following book and fair values were available for the Deluxe Company accounts:

	Book Values				Fair Values
Current assets	$	60,000			$	60,000
Building		90,000				50,000
Land		10,000				20,000
Trademark		0				30,000
Goodwill		15,000				?
Liabilities		(40,000	)			(40,000	)
Common stock		(100,000	)
Retained earnings		(35,000	)

1&2. Prepare Allertons entry to record its acquisition of Deluxe in its accounting records assuming the following cash exchange amounts: $145,000 and $110,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the acquisition of Delex assuming the cash exchange of $145,000

	Transaction General Journal Debit Credit 1 Current assets Building Land Trademark Goodwill Liabilities Cash

Record the acquisition of Delex assuming the cash exchange of $110,000

	Transaction General Journal Debit Credit 2 Current assets Building Land Trademark Gain on bargain purchase Liabilities Cash

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