fast answer please 45 points On June 31, 2019. Majestic Co....
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45 points On June 31, 2019. Majestic Co. quared all of the common stock of Golden Company, which became a dinion of Majes Co Golden reported the following statement of financial position at the time of the acquisition Golden Company Statement of Financial Position Assets Equity and Liabilities Plant assets (not) $1,250,000 Share capital ordinary 31.045,000 Inventory 370,000 Retained earnings 1,000,000 Receivables 750,000 Accounts payable 675.000 Cash 350.000 Total assets $2.720.000 Total equity and liabilities 52.720.000 An appraisal indicated that the fur value of the inventory was $375,000 and the fair salon of the plant was $1,450,000. The prend purchase pne w 3.000.000. und the amount was paid in cash to the previous owners of Golden Company Required: a. Prepare the entry to record the purchase of Golden Company b. Assume that the carrying amount of Golden Company division's not assets, including goodwill is $2,800,000 The recoverable amount of the divisions estimated to be $ 3.200,000. Prepare the journal entry to record the impairment loss (if any) on December 31, 2010 For the toolbar press ALT F10 (DC) or ALT+FNM BIVS Paragraph Times New R. 12pt I X
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