40. Poplar Corp. acquires the net assets of Sapling Company, which has the following balance sheet: Accounts Receivable Inventory Equipment, Net Land & Building, Net Total Assets Bonds Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Fair values on the date of acquisition: Accounts receivable Inventory Equipment $ 50,000 80,000 50,000 120,000 $300,000 Land and building Customer list Bonds payable $ 90,000 100,000 110,000 $300,000 $50,000 100,000 30,000 180,000 30,000 100,000 Acquisition costs: $ 10,000 If Poplar paid $300,000 what journal entries would be recorded by both Poplar Corp. and Sapling Company? >

40. Poplar Corp. acquires the net assets of Sapling Company, which has the following balance sheet: Accounts Receivable Inventory Equipment, Net Land \& Building. Net Total Assets Bonds Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Fair values on the date of acquisition: Accounts receivable Inventory Equipment Land and building Customer list Bonds payable Acquisition costs: 550,000 80,000 50,000 120,000 $300,000 $90,000 100,000 10.000 $300,000 $50,000 100,000 30,000 180.000 30.000 100.000 $10.000 If Poplar paid $300,000 what journal entries would be recorded by both Poplar Corp. and Sapling Comnanv