Business, 22.04.2021 19:40 wickedskatboarder

On July 1, 2017, Pina Corporation purchased Young Company by paying $261,500 cash and issuing a $103,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows: Cash $50,200 Accounts payable $204,000
Accounts receivable 91,400 Stockholders' equity 237,400
Inventory 100,000 $441,400
Land 42,000
Buildings (net) 75,800
Equipment (net) 71,000
Trademarks 11,000
$441,400
The recorded amounts all approximate current values except for land (fair value of $60,700), inventory (fair value of $125,000), and trademarks (fair value of $17,120).
Prepare the July 1 entry for Pina Corporation to record the purchase.

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On July 1, 2017, Pina Corporation purchased Young Company by paying $261,500 cash and issuing a $103...

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