Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. purple corp. purchased all of the listed assets an

Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $1,750,000....

70.2K

Verified Solution

Question

Accounting

Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $1,750,000. The following assets and liabilities were purchased:

Book Value

Fair Market Value

Accounts receivables

$

185,000

$

185,000

Inventory

177,000

267,500

Property, plant, and equipment (net)

865,000

1,166,000

Patent

0

288,000

Liabilities

(190,000

)

(190,000

)

Required: Prepare the journal entry for the acquisition.

General Journal

Date

Account Titles and Explanation

Debit

Credit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In an auditorium with 500 people one person will be chosen to win a 100...

Basic Math
Q

You are considered to be an expert in false memories, and a local district attorney has therefore...

Psychology
Q

5. (a) What are the monthly payments on a 20-year, $200,000 loan having 6% annual interest,...

Advance Math
Q

this is abstract algebra Let M be a Q[x]-module which is ?nite-dimensional as a vector space. What...

Advance Math
Q

Which of the following is TRUE about C IV medications O O Must be kept...

Biology
Q

Fixing eyes on a target during one-legged static balance trial likely enhances balance due to...

Biology
Q

The square of the resultant of 4N and 3N exceeds the square of the resultant...

Physics
Q

Verify the identity 2 cost 7 sin t 2 7 cost 2 sin t 2...

Basic Math
Q

Compute the given product 101 251 531 1 2 1 3 5 1 101 12...

Calculus
Q

Solve by the quadratic formula List the solutions separated by commas 25x 5x 6 T

Algebra
Q

Question 26 of 100. Which of the following expenses is properly reported on the "Commissions...

Accounting
Q

help please

Accounting