A Moving to another question will save this response. Question 8 On June 31, 2019, Majestic Co. acquired all of the common stock of Golden Company, which became a division of Majestic Co. Golden reported the following statement of financial positio Golden Company Statement of Financial Position Assets Equity and Liabilities Plant assets (net) Inventory $1,050,000 Share capital-ordinary 375,000 Retained earnings Receivables 650,000 Accounts payable $950,000 900,000 475,000 Cash Total assets 250,000 $2,325,000 Total equity and liabilities $2,325,000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchase price was $2,500,000, and this amo Required: a. Prepare the entry to record the purchase of Golden Company. b. Assume that the carrying amount of Golden Company division's net assets, including goodwill is $2,700,000. The recoverable amount of the division is estim any) on December 31, 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I U J Paragraph Arial 100+ A Moving to another question will save this response. Question 8 On June 31, 2019, Majestic Co. acquired all of the common stock of Golden Company, which became a division of Majestic Co. Golden reported the following statement of financial positio Golden Company Statement of Financial Position Assets Equity and Liabilities Plant assets (net) Inventory $1,050,000 Share capital-ordinary 375,000 Retained earnings Receivables 650,000 Accounts payable $950,000 900,000 475,000 Cash Total assets 250,000 $2,325,000 Total equity and liabilities $2,325,000 An appraisal indicated that the fair value of the inventory was $355,000 and the fair value of the plant assets was $1,350,000. The agreed purchase price was $2,500,000, and this amo Required: a. Prepare the entry to record the purchase of Golden Company. b. Assume that the carrying amount of Golden Company division's net assets, including goodwill is $2,700,000. The recoverable amount of the division is estim any) on December 31, 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I U J Paragraph Arial 100+