Planter Corporation used debentures with a par value of $625,000 to acquire 100 percent of Sorden Companys

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Planter Corporation used debentures with a par value of $625,000 to acquire 100 percent of Sorden Company’s net assets on January 1, 20X2. On that date, the fair value of the bonds issued by Planter was $608,000. The following balance sheet data were reported by Sorden:


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Give the journal entry that Planter recorded at the time of exchange.

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Advanced Financial Accounting

ISBN: 9781260772135

13th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

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