Chapter 2 Help Save & ExitSubmit 9 Check my work Allerton Company acquires all o

Question

Chapter 2 Help Save & ExitSubmit 9 Check my work Allerton Company acquires all of Deluxe Company's assets and labilties for cash on January 1,2018, and subsequerdy dissolves Deluxe. At the acquisition dabe, the following book and fair values were available for the Delxe Company accounts: formaly (53,250)33,250) Retained earnings 52 Prepare Alerton's entry to recond its acquisition of Delxe in ts accounting records assuming the following cash exchange amours se 0.500 and SO5000 0, no entry is reqired for a transactionevent, select 0 journal entry require r in the test account field. Journal entry worksheet Record the acquisition of Delex assuming the cash exchange of $160,s0o 9 N M

Explanation / Answer

Solution :

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Date Accounts Title Debit Credit Current Assets Dr. 38,750 Building Dr 56,000 Land. Dr 46,600 Trademark. Dr 30,200 Goodwill Dr 42,200 To liabilities 53,250 To cash 160,500

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