Goodwill Parent Company purchased Daughter Company for $200,000 At the time of purchase, the fair market value of Daughter Companys assets and liabilities was as follows Make the necessary journal entry(ies) (on Parents books) to record the purchase of Daughter Company Inventory Property, plant, an...

The Answer is in the image, click to view ...

Goodwill Parent Company purchased Daughter Company for $200,000. At the time of purchase, the fair market value

Question:

Goodwill Parent Company purchased Daughter Company for $200,000. At the time of purchase, the fair market value of Daughter Company’s assets and liabilities was as follows:

image text in transcribed

Make the necessary journal entry(ies) (on Parent’s books) to record the purchase of Daughter Company.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Concepts And Applications

ISBN: 9780324376159

10th Edition

Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice, Monte R. Swain

See More Books

Question Posted: Jul 01, 2024 02:14 AM

See More Questions

Hi, Please help me with responding to the discussion questions below because I'm having a hard time answering them myself. I have been up all night, and I'm unable to figure them out. I uploaded a...
I need help with following questions from the homework. I have attached the chapters so please see the attached files to answer the following questions specifically. Ch 4 (p 176 of text or p 34 of...
I've attached the questions as a word file. Thanks! c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 162 chapter 4 ACCRUAL ACCOUNTING CONCEPTS the navigator Scan Study Objectives Read Feature...
1 YOUR NAME: 2 Asset # 3 Asset name: 4 Date acquired: 5 Cost: 6 Depreciation method: 7 Salvage (residual) value: 8 Estimated useful life (years): 9 222 Computer 1/1/2018 $50,000 Straight Line (SL)...
You have been offered an opportunity to receive $ 1,500 at the end of two years. You can earn an 8% rate of return on your next- best alternative investment. How much are you willing to invest/...
State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows: a. Sold 5,000 shares of $30 par common stock for $45 per share. b....
There are many ethical issues about which people hold very strong opinionsabortion, gun control, and the death penalty, to name a few. If you were a team member on a project with someone whom you...
The 2012 balance sheet for Guthrie Corporation revealed the following information: Common stock, $10 par, 50,000 shares issued and outstanding Preferred stock, $100 par, 6%, cumulative stock, 1,000...
Current Attempt in Progress On July 3 1 , 2 0 2 2 , Crane Compary had a cash balance per books of $ 6 , 2 4 5 . 0 0 . The statement from Dakata State Bark on that date showed a balance of $ 7 , 7 9 5...
Fixed Asset Turnover Using the following data, compute the fixed asset turnover. year Current assets, end of Fixed assets, end of year Fixed assets, beginning of year Sales during the year $ 35,000...
Patents On January 1, the company purchased a 13-year-old patent from another company for $210,000. The patent has a seven-year legal life remaining. Make the necessary journal entry( ies) to record...
Find the value of each determinant. A B -1 3 5 0 -2 5
How have your organizations performed relative to improving healthcare quality and meeting the required standards (Medicare metrics) for value-based purchasing initiatives?
/ Precalculus Algebra Problem. 1: Consider the function f(x)=-5x5 + +-4. How many terms in f(x) are not monomials? Problem. 2: Consider the function f(x)=-3x-4x - 3x + 12. How many terms in f(x) are...
D 0
What NaCl concentration results when 279 mL of a 0.680 M NaCl solution is mixed with 462 mL of a 0.450 M NaCl solution? concentration: M
Use JavaFX's shape's classes from javafx.scene.shape package to complete the following questions (Hint: CANNOT use any Gaphics or Graphics2D classes from java.awt packages): DO not write the whole...
The perpetual inventory records of the Park Company indicate the following transactions in the month of June: Required Compute the cost of goods sold for June and the inventory at the end of June,...
Could the owner of a business prepare a statement of financial position on 9 December or 23 June or today?
ABC Company engaged in the following transaction in October 2 0 1 7 Oct 7 Sold Merchandise on credit to L Barrett $ 6 0 0 0 8 Purchased merchandise on credit from Bennett Company $ 1 2 , 0 0 0 . 9...
Lime Corporation, with E & P of $500,000, distributes land (worth $300,000, adjusted basis of $350,000) to Harry, its sole shareholder. The land is subject to a liability of $120,000, which Harry...
A comic store began operations in 2018 and, although it is incorporated as a limited liability company, it decided to be taxed as a corporation. In its first year, the comic store broke even. In...

Goodwill Parent Company purchased Daughter Company for $200,000. At the time of purchase, the fair market value

Question:

Inventory Property, plant, and equipment Other assets Liabilities $ 25,000 140,000 64,000 59,000

Step by Step Answer:

Accounting Concepts And Applications

Students also viewed these Business questions