$50,330 $203,110 89,780 241,280 107,140 $444,390 40,880 74,790 70,120 11,350 $44
ID: 2479762 • Letter: #
Question
$50,330
$203,110
89,780
241,280
107,140
$444,390
40,880
74,790
70,120
11,350
$444,390
Account Titles and Explanation
Debit
Credit
Account Titles and Explanation
Debit
Credit
On July 1, 2014, Brigham Corporation purchased Young Company by paying $257,540 cash and issuing a $150,480 note payable to Steve Young. At July 1, 2014, the balance sheet of Young Company was as follows.Cash
$50,330
Accounts payable$203,110
Accounts receivable89,780
Stockholders’ equity241,280
Inventory107,140
$444,390
Land40,880
Buildings (net)74,790
Equipment (net)70,120
Trademarks11,350
$444,390
The recorded amounts all approximate current values except for land (fair value of $81,000), inventory (fair value of $125,380), and trademarks (fair value of $15,344).
Explanation / Answer
a) Cash 50300
Receivables 80780
Inventory 125380
Land 81000
Buildings 74790
Equipment 70120
Trademarks 15344
Goodwill 113416
Cash 257540
Accounts payable 203110
Notes payable 150480
b) Amortization expenses 2164
trademark 2164
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