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Category > Accounting Posted 25 Sep 2017 My Price 7.00

Preston Company

Asset Purchase

Preston Company acquired the assets (except for cash) and assumed the liabilities of Saville Company. Immediately prior to the acquisition, Saville Company"s balance sheet was as follows:

 

Book Value

Fair Value

Cash

$120,000

$120,000

Receivables (net)

192,000

228,000

Inventory

360,000

396,000

Plant and equipment (net)

480,000

540,000

Land

420,000

660,000

Total assets

$1,572,000

$1,944,000

Liabilities

$ 540,000

$ 594,000

Common stock ($5 par value)

480,000

  

Other contributed capital

132,000

  

Retained earnings

420,000

  

Total equities

$1,572,000

  

Required:

  1. Prepare the journal entries on the books of Preston Company to record the purchase of the assets and assumption of the liabilities of Saville Company if the amount paid was $1,560,000 in cash.
  2. Repeat the requirement in (A) assuming that the amount paid was $990,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 08:09 PM My Price 7.00

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